FCX-Trade Idea (short)

FCX is often a leading indicator for the market, so the charts below are telling us something.

 The long term chart, it appears as if there's a large triangle top in FCX.

 This could very well be considered the false breakout of the triangle, note the wedging in price, not good for FCX.

 The 60 min chart seems to agree this is a false breakout.

 The 10 min chart has gone negative as well as the 1 and 5 min harts below

 5 min

1 min.

The pattern implied target for a FCX short would be around $30, almost 50% lower from here. Of course that will take some time. I'd use a wide trend channel stop on this trade.