COPPER Weekly Chart Sideways Symmetrical Triangle

Remember the weekly copper chart from a couple weeks ago? We were at the top rail of the triangle looking for a move back inside. That occurs and now price is exploring the lower rail of the sideways symmetrical triangle, bouncing yesterday on paltry volume. JJC is the copper ETF that can be followed during the trading day in real-time. The JJC chart was posted previously and this copper chart is complimentary to provide the actual copper target numbers below.  Every day leads to more drama and mystery. This is truly an epic time for markets. The indicators are not tipping their hand since they all line out sideways just like price itself. The moving averages are even lined out sideways now and everything sits inside the apex of the triangle. There is going to be a winner, and a loser, and the result is going to have a powerful impact on the broad markets.

Wednesday, 2/27/13, was an odd market day with the broad indexes exploding higher but copper and commodities selling off (copper recovered late day); that simply does not occur. Copper and commodities are the fuel to take the markets higher, but the markets are flying down the road without a care in the world, and the copper and commodities are not filling the tank. The markets should run out of gas but there seems to be a Fed gas station at every corner.  Metaphors aside, and back to the technicals, the vertical side of the triangle is one full handle.  If the bulls win, copper moves to 4.75 (3.75+1.00) and obviously the global recovery is full steam ahead and folks return to work by the tens of thousands. If the bears win, falling out the bottom of the triangle at 3.53, which will require defending today, copper moves to 2.53 (3.53-1.00) and obviously the deflation scenario is playing out in full force with difficult lives ahead for everyone for a couple years. Thus, if bullish, you want to see 3.75-ish and higher, if bearish, you want to see 3.53-ish and lower. At 6:45 AM EST, 2/28/13, copper is 3.5680. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.

Note Added 2/28/13 at 8:44 AM: Copper is currently printing 3.5400.

Note Added 2/28/13 at 10:27 AM: Copper is currently printing 3.5330.

Note Added 2/28/13 at 11:00 AM:  Copper is currently printing 3.5280, losing the 3.53-ish bottom rail of the sideways symmetrical triangle. Bulls must bounce copper immediately to ignite a futher upside rally and create new all-time highs for the Dow Industrials. Bears must push lower now forcing copper to collapse under the triangle which will lead to a strong market selloff and technical damage. Watch copper closely today.

Note Added 3/1/13 at 6:00 AM EST:  Copper is collapsing 2% this morning to 3.467. Dr. Copper is in serious trouble. West Texas Crude Oil is down to 91.13. Commodities are very weak. Baltic Dry Index is sick and ocean shippers are weak. China PMI last evening is much weaker than expected. The global recovery does not appear healthy.