Today's Patterns/Features:
1. Gap-Filling Channel selloff (in white)
2. Channel contains a Bear Flag that broke down at the yellow arrow
3. Horizontal Support (pink horizontal line) got broken at the pink arrow. As the chart stands, that was a Bull Shakeout/Bear Trap
4. Cup & Handle (in orange) had identical highs of 50.58 and 50.58.
5.The handle formed, which was a Symmetrical Triangle (pattern in purple). The Symmetrical Triangle had a little false breakout, then the bottom of the pattern was successfully retested at the purple arrow, for a trendline validation., then the Cup & Handle broke out to the upside.
The Cup & Handle puts an upside target of 51.35 IN PLAY, as long as FCX trades above 50.58. The 50.35 low of The Handle (and The purple Symmetrical Triangle) is important support.
Math for the Cup & Handle:
50.58 - High
49.81 - Low
50.58 - 49.81 = 0.77 points of upside added to 50.58
50.58 + 0.77 = Target: 51.35 IN PLAY
51.35 is very near the 51.29 low of the May 11 gap.
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