Freeport-McMoRan (FCX) should continue upside
Freeport-McMoRan Inc., (FCX) engages in the mining of minerals in North America, South America & Indonesia. It primarily explores for Copper, Gold[1], Molybdenum, Silver & other metals. It is based in Phoenix, Arizona, US, comes under Basic Materials sector & trades as "FCX" ticker at NYSE.
As showing in the previous article, FCX ended ((1)) of III at £46.73 high. It also ended ((2)) at £32.83 low & started reacting higher in ((3)), which confirms when it breaks above £46.73 high. It favors impulse upside in (3) of ((3)).
FCX - Elliott Wave latest weekly view
Since January-2016 low, it reacted higher in I as impulse sequence ended at £51.99 high in March-2022 peak. It ended II as 3 swing correction at £24.80 low as more than 0.5 Fibonacci retracement in July-2022. Above II low, it favored higher in ((1)) of III, which ended at £46.73 high.
Within ((1)), it placed (1) at £33.89 high, (2) at £26.03 low, (3) at £41.16 high, (4) at £36.85 low & (5) at £46.73 high as ((1)). Below there, it ended ((2)) as double three correction at £32.83 low. Within ((2)), it placed (W) at £33.05 low, (X) at £44.70 high & (Y) at £32.83 low.
FCX - Elliott Wave latest daily view
Above ((2)) low, it favors upside in (3) of ((3)) & need to break above £46.73 high to confirm the next move higher. It placed (2) of ((3)) at £36.26 low & favors upside in 1 of (3), which expect one more push higher to finish it before correcting in 2. As long as it stays above £36.26 low, it expects rally to resume in (3) of ((3)) of III.
Once it break above ((1)) high, it should extend up to £54.79- £68.36 area for ((3)) higher.