We are looking at COPX-Copper Miners. Every bull market has a copper top. This week is a significant event in price and time squaring. The shares moved 60 day high to low and have now retraced for 45 days to $14.11. Forty-five days is a significant price in time and to close around the 38% retrace in that time is significant. Considering the Bearish Harami pattern right at the price/time window, we expect a potential resumption of the downtrend and by extension the broader markets as well.
A lower probability exist that this is a significant low in price/time window, resulting in a major breakout to new highs. Should this lower probability occur, we can expect the move to exhaust at the 60 day mark from the low or around the 1st or 2nd week in December.
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