Sunday, March 29, 2015

The one thing that bothers me about [COPX]

In the backlink I provided a count that seemed like it could end at $5.50.  Over the weekend I studied the COPX chart a bit more and what worries me about my count is the way way this peaked recently.

As you can see from the extreme zoom in below, this thinly traded ETF did not begin its decline with an obvious motive wave down.  In fact, it could easily be counted as 3-3 and then still working on the next wave.  I don't know quite what to make of it anymore and so I want to be on record as having low conviction in a 5.50 price target.  If this is corrective it could fill the gap and then reverse. So that is what we should be looking at here - strong support on the gap fill - as a big hint as to what is likely  going to occur next.

Of course, nobody knows the  future, it's all just a matter of odds, blah blah you've read it a million times now blah.

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