Welcome to EV's point and figures. This blog is dedicated to the use of point and figure charts in technical analysis.

Although P&F first appeared in charts in the 1930's, it is an often overlooked techique for analysing stocks and charts. A poor relation compared to line and bar charts and their range of momentum indicators. Yet few charts provide a clearer picture of the daily battle between bulls and bears for market control.

Like most methods, it should not be used in isolation. It should form part of an analysts 'tool box' and be used with other techniques to help form an overall view.

The charts that appear on this blog and any accompanying comments are purely for information purposes only - my own personal take on where the prices may be heading. They do not constitute investment advice.

Friday, September 30, 2011

FCX

Support currently at 31 on this 1x3 HL chart. The target to the upside of 46 is NOT active. It would require a 3 box reversal to the upside and for the price to take out the high of the previous colunm to activate it, in other words a move through 37.

The bears have had the ball and been advancing down-field. The target of 36 given by the first column of 0's from the high was achieved and was triggered by a triple bottom sell signal. The target of 14 was also given by a triple bottom sell signal and is active.

Need to see how the pattern develops from here as it could be a potential H&S. If so, may get support here and ultimately a move back up to 45-46.
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