FCX: The Battle For The Neckline

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From yesterday:

"FCX has closed well below the 53.02 neckline basis the daily chart, at 52.31, so The Bulls have a good bit of repair work to do. They are trying to establish a pattern here, below 52.50 (horizontal red line). If they can break out of it to the upside, the neckline of the Bullish Inverse H&S pattern in the daily chart, currently 53.02, is next resistance."

The Bulls got thrown for another loss at the open, to the 51.85 yardline, before getting up, dusting themselves off and saying, "That's all we can stands. We can't stands no more!" The Bulls opened their cans of spinach, and when The Bears saw The Bulls' muscles popping all over the place, they backed up to defend the neckline of the formerly bullish Inverse H&S neckline, and said, "Okay, we'll let you have the ground between 51.85 and the neckline at 53.00, but you're not getting through it. We now OWN that neckline!"

And, own it, The Bears did!

Off the 51.85 low, The Bulls took advantage of the "gimme" offered by The Bears and arrived at the neckline very shortly after the opening gong. They made it to the 53.08 yardline (second white arrow), but like yesterday (first white arrow), The Bears successfully defended the neckline. The Bulls were thrown for a loss of roughly a Fibonacci 50% of their gain off the 51.85 low, back to the 52.35 yardline (horizontal yellow line).

The spinach was still working, so The Bulls got up and quickly mounted another attack and made it back to 53.07 yardline where their bid to break back above the neckline was rejected again (third white arrow).

The Bulls made one step forward and two steps backward after the second rejection of the session, and tried to hold at the 52.35 yardline "reaction low" (horizontal yellow line) off the first attempt at the neckline, but "the spinach effect" had run its course, and The Bulls got sent back to the morning low of 51.85 and tried to put in a Double Bottom there, at a low of 51.81 (second white circle).

The first attempt off the 51.81 "Double Bottom" barely got back to the 52.35 yardline (first yellow arrow at the horizontal yellow line). The Bulls poked their heads through to 51.44 yardline, then The Bears threw them back to the session lows, to 51.87. UGH.

The Bulls went into a huddle and came out of it shouting, "Okay, guys. TRIPLE BOTTOM! TRIPLE BOTTOM!" (third white circle)

The Bulls' attempt to rally off the Triple Bottom managed to get through the 52.35 yardline (second yellow horizontal yellow bar) by only three yards this time, to the 52.38 yardline. With time running out on the clock, The Bulls weren't able to mount another attack and were being sent back to defend their Triple Bottom when time expired with The Bulls at the 51.93 yardline. There was a lot of grumbling and finger-pointing as The Bulls walked off the field to the locker room.

As play stands, The Bulls' scores for Technical Merit are:

0...0...0...0...0...0...-1*

Judge #7 is thoroughly disgusted with The Bulls, but has offered to send them A LOT more spinach before play ensues tomorrow.

The Bulls will come onto the field at tommorrow's opening gong with a Triple Bottom to defend and initial resistance at 52.35-52.44 (horizontal yellow line), then more serious resistance at the neckline area (horizontal red line).