Readers of the Elliott Wave Analyses on this blog would remember that on 8th February it was suggested that investors in Freeport-McMoran Inc. might consider buying on a dip between 50% and 61.8% of the rally from the $3.52 low. That low came on 11 Feb at $4.65 (over 18% below the $5.72 when we had discussed this stock). Wonder of wonders, the market decided that the correction below the 50% level was adequate for wave 2, and we saw a magnificent wave 3 unfold.
As you all know, Elliott Wave Principle says that the third wave is the most power of the three impulses. And the upward cycle will be made up of 5 waves. Those who took the risk and the signal have seen their money double is just about a month. Now isn’t that a great example of Elliott Waves at work!
Here is the Elliott Wave chart of Freeport-McMoran Inc (FCX) as it appears today.
4 Comments
Simply Amazing 🙂
Realizing there is a problem, or an OPPORTUNITY, is key to excelling in life.Taking the risk of making a decision is truly courageous because one that does, is often swimming against the tide. In the investing arena, EW helps one make intelligent decisions….identifying OPPORTUNITIES. Thank you dear Ramki for your patient and guiding hand in the application of EW analysis. I remember the phrase “fortune favors the brave.” and those that apply EW analysis.
Good fortune….
Bob D
Dear Ramki sir,
It’s great for me to study ew waves with your examples.
What kind of first wave is that… Is it diagonal triangle?
Am I right sir.
Please do reply I m learning.
BEST Regards
Yogesh H
Yogesh, Yes, it is an expanding diagonal