Correction time for FCX

96 0 0
The miners have had a nice bounce recently but none of them can compare to the apparent trend reversal for Freeport Mcmoran ( FCX             ). The great run that started in late June has left many investors behind, causing them to watch with envy and hope for a pullback to buy. Such a pullback could be right around the corner as FCX             is coming up on overhead resistance as well as forming an exhaustion peak 5.
If the price does form a short term high, look for an AB=CD pattern down to 34 (strong support). It would also be a 0.382 retracement of the overall bull market move and, if volume dries up, represents an excellent entry point for this leader in the mining sector.
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