This 30m chart of FCX shows the stock pin-balling between Fibonacci retracement levels since its drop at the end of April. Look at how well the 38.2%, 50%, and 61.8% levels have acted as short-term resistance/support. I'm counting the rally as an WXY correction into the 61.8% retracement level. Initiating a short position at 17.50 for a move lower.