FCX, OLED updates 03/29

FCX: turned into a more complex correction than I thought as what very clearly looked like 5 waves up (from mid-February low to late-February high) was not the case. This also shows that Elliot wave is only as good a tool as the practioner is. And even then  we can make mistakes. That’s why one can NEVER only rely on it and therefore always must have stops in place. What appears to be forming now is a flat-wave-4. Option call buying volume is currently rather large and helps aid the thesis that wave 4 has bottomed. We really need to see a break back above the 20d and 50d SMA for starters, while a break above the black downtrendline will confirm. I than still see FCX reach mid- to low-20s before it’s all said and done.



OLED: Big picture review here as price is currently in a water fall decline. There are two possible counts: either major-4 of primary III is underway or all of a C-wave topped. Given how deep and fast this current decline is I favor the ABC count up as this decline looks more like an impulse than corrective. I would not like to go long this ticker, too much uncertainty.