Freeport-McMoRan (FCX) should remain sideways to higher

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, as well as Oil & gas. It is based in Phoenix, Arizona, US, comes under Basic Materials sector & trades as “FCX” ticker at NYSE.

FCX finished corrective pullback at $24.80 low against 2016 low & expect further upside in III sequence, which confirms above I high of $51.99. It favors higher in 1 of (1) of ((3)) & expect higher, while dips remain above ((2)) low of $33.05.

FCX – Elliott Wave weekly latest view

It started impulse sequence from January-2016 low, which ended as I of (III) at $51.99 high. It placed ((1)) at $17.06 high & ((2)) at $4.82 low as flat correction. Above there, it extended higher in ((3)), which ended at $46.10 high & corrected lower in ((4)) at $30.02. Finally, it ended ((5)) as diagonal at $51.99 high as wave I. It finished II correction at $24.80 low as 3 swing pullback.

Above II low, it favored ended ((1)) of III at $46.73 high. It placed (1) at $33.89 high, (2) at $26.03 low, (3) at $41.16 high, (4) at $36.85 low & (5) at $46.73 high as ((1)). It favored ended ((2)) correction at $33.06 low, in which it placed (A) at $34.88 low, (B) at $43.46 high & (C) at $33.06 low in 3 swing correction. Currently, it favors higher in 1 of (1) of ((3)) & expect small upside as diagonal before correcting in wave 2. It expects further upside, while dips remain above ((2)) low & confirm the sequence above ((1)) high to avoid any double correction, if breaks below $33.06 low.