GOOGL, FCX upates 03/13

GOOGL: Weekly chart suggests that if the market wants to, price is now in minor-3 of intermediate-v of major-3 of Primary-V targeting ideally $1350-1370. The lower end is the 2.00x extension of minor-1 from 2, whereas the higher end is the 1.618x extension for a typical 3rd wave length. A break below $1075 will invalidate this count and have a more complex intermediate-iv wave instead, which will likely target ~$1000 again as a flat.

googl weekly


FCX: Counts well as having completed 5 waves up off its mid-February low and than 3-waves down into its recent low. Note that wave-ii was almost exactly a 61.8% retrace of wave-i A break above its 50d SMA will be a good first step, and a break above the wave-i high will confirm this count. Ideally wave-5 should then target $23.27-24.04s (176.40-200.00% extension). A standard 5=1 relationship targets $21.50, but that seems a bit low given the current potential i, ii set up. The green 200% Fib-extension is at $22.59, not shown, which fits well with the aformentioned $23-24 target zone. A break below $16.50 will disproof this count. Hence, there’s $5.50 upside potential and $2.25 risk from current levels.