FCX (Freeport-McMoRan) favors upside bullish sequence

Freeport-McMoRan Inc., (FCX) engages in the mining of minerals in North America, South America & Indonesia. It primarily explores for Copper, Gold, Molybdenum, Silver & other metals. It is based in Phoenix, Arizona, US, comes under Basic Materials sector & trades as “FCX” ticker at NYSE.

As showing in the previous article, FCX extend higher in (3) of ((3)) & expect to remain supported in bullish sequence as the part of I of (III).

FCX – Elliott Wave daily view from 3.25.2024

In Weekly, above ((II)) low of $3.52 from 2016, it placed (I) at $51.99 high in March-2022 as impulse sequence. It corrected lower in (II) as zigzag pullback at $24.80 low in July-2022 low. Within (I) sequence, it placed I at $17.06 high, II as flat structure ended at $4.82 low, III at $46.10 high as extended wave, IV at $30.02 low & finally ended V at $51.99 high as (I). Above (II) low, it placed ((1)) of I at $46.73 high & ((2)) at $32.83 low as double three correction.

FCX – Elliott Wave latest daily view

Above ((2)) low, it broke to new weekly high as bullish sequence as the part of I of (III). It placed (2) of ((3)) at $36.23 low & favors final push higher in 5 to finish (3) soon before it may pullback in (4). It placed 1 at $39.75 high, 2 at $36.75 low, 3 at $52.42 high & 4 at $47.10 low. Above there, it favors upside in 5 of (3) & expect short term upside between $53.67 – $57.04 area before it may pullback in (4). We like to buy the pullback in 3, 7 or 11 swings correction at extreme areas in bullish sequence.

FCX – Elliott Wave latest weekly view