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My around-the-clock attention to Slope is greatly to be curtailed about 90% tonight since (a) my right hand has pretty bad tendinitis (b) I’m at Tastytrade in Chicago. So you folks are pretty much on your own today. I’ll just put up this oh-my-God-precious-metals-suck chart. I hope my Slope Plus subscribers are happy with their miners positions!
HUI has been targeting as low as the gap at the 180 area for months now, since losing the 50 day averages. I may have shown this chart once publicly, can’t remember for sure. But it is one of a few that we’ve used to manage the process of a correction that was well earned (please, save the conspiracy theories).
Freeport-McMoRan Inc. (FCX) climbed above 11.50 this morning. By the look of the spike to 11.85, this forced a wave of short-covering, and triggered the upside potential off of its Sept-Nov base formation carved-out between 11.10/30 on the high side versus 9.50/30 on the low side. The optimal next target implied by the upside breakout is in the vicinity of 13.00. That said, the next extreme near-term resistance barrier is 11.95-12.00, which represents the 62% recovery-retracement zone of the entire prior downleg from 13.59 to 9.24.
