Someone it seems hasn't lately been following the Carl Icahn story closely? Icahn Enterprises L.P. (IEP)
Congrats! You have made a very huge profit. 50 to 13 movement ie 74% profit in just one year is really huge.
As I warned earlier in this thread, overnight developments with respect to China can have a massive overnight kick in the groin effect for those holding copper looking for an uptrend. Copper is down a major close to 3% on COMEX this AM. Yesterday it was down some due to a disappointing China econ report during a time of low liquidity. This AM another more important factor is very influential Goldman Sachs weighing in with a key pivot in their viewpoint/forecast. They just lowered their 2024 price target for copper from $12,000 per ton down to $10,000 per ton, due to, you guessed it, China's Weak Economic Recovery. Be careful out there in copper trading land!
The Zig-Zag is a textbook Elliott Wave correction. it is possible for the zig zag to get more complicated, but not likely. The buy signal is confirmed by a divergence on a new low. Or just buy it now. I don't anticipate a major new low. The rally to $5.19 on May 20 was the breakout. We are in the re-test mode now (of the shift from Bear to Bear) This is the accumulation phase for swing traders.
I don't know anything about waves, but that ~4.10 resistance is kicking its ass. today it looks to be trying to work its way up but we'll see I guess.
First of all copper will struggle go up without a rally in crude oil One of hallmarks of swing from bear-to-bull is the ability of markets to leave aggressive traders in the dust. i think we may be looking at that here. People hear reports of booming money supply. But are lulled to sleep with the worn out phrase "Yeah, but this time is different" Sure. Math is still math. Still showing a negative divergence on the 5 day RSI. And Bollinger Band Width is rising. Doesn't imply Bull or bear, Just that change is coming. And no change on my 40 year chart. After decades of out of control fiat money printing around the globe, I think it is time for some serious valuations. And the green energy debacle (perhaps the biggest scam ever devised.) is no help. $Trillions spent on that BS. The greenies are due for a major "Come-to-Jesus" moment. Hubris of that scope never goes unchecked forever. More $copper (Seems there was little recycling before 2002). Same situation currently for silver. Almost all of it eventually goes in the landfill.
(BLOOMBERG) Copper outlook Another big market theme as traders return from the holiday is the outlook for commodities. Goldman Sachs has slashed its copper forecast for next year by almost $5,000 a ton, saying China’s increasingly disappointing economic recovery will delay an expected rebound. The same pessimism over China is also hurting iron ore, which dropped to a two-week low Tuesday after losing its hold above $100 a ton.
. Hey, don't count out those squiggly lines... they've indicated to short copper for the last couple of days...