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Copper Just Marked the End of the "Recovery"
Copper just marked the end of the “recovery.”
Copper, because of its close association with economic growth, is often called the commodity with a “PhD in Economics.” Large price moves in Copper usually mark large moves in the global economy.
Take note, Copper just broke down out of the massive wedge pattern formed after the 2008 Crash:
Based on Copper’s chart, the global economy peaked back in 2011 and has been moving sideways ever since.
Not anymore.
We’ve not taken out critical support for Copper. The gigantic five-year “recovery” pattern has been broken. And it broke downwards.
This will likely go down as THE signal that the great Central Bank fueled “recovery” post-2009 has ended.
Oil’s collapse was the first signal that the global inflation trade had blown up. Now Copper has confirmed it.
At the end of the day, you cannot solve a debt problem by making debt cheaper. You CAN temporarily prop up insolvent entities, whether they be countries or banks, by doing this… but it only lasts a short period.
And by the look of things, that period has ended.
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We’ve not taken out critical support for Copper.
HELLO?
Does he mean "We HAVE JUST taken out critical support for copper"? Or am I on the wrong page?
Will pennies be made from copper again because it's cheaper than a Zinc alloy?
So if there's a panic people will run out and buy all the copper they can find?
Dr Copper has ebola.
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I hate that technical shit. It just looks like your fitting the data to the curve.
Copper has been heading south for years.
THAT shows you what copper is doing.
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V-V
If TA were any use whatever, the author would be making money hand over fist on his own account rather than posting this garbage.
Someone else here said that TA is like trying to grasp turds on their way down the flush, and that bears repeating.
Classic "falling wedge"...Its not exactly right,because both lines should be descending...the bottom has a slight ascention.....but he has the right idea.
Long pennies
Modern pennies would have been considered slugs, 35 years ago.
On the positive side, this is the longest my local crackhouse has gone with plumbing, in as long as I can remember.
But what if I just draw the bottom wedge line in a differente place on that chart? Then it either broke through sooner or it hasn't yet but is heading that way.
Agreed. If you plot the intial higher lows, the breakout to the downside happened the day after the 2011 peak. This guy is 4 years behind the curve! :-)