JJC Copper ETF 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. JJC is the copper ETF and the chart has the same characteristics. 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.

Today is an odd market day with the broad indexes exploding higher but copper and commodities selling off; 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 14 handles.  If the bulls win, JJC moves to 60 (46+14) 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 at 44.50, JJC moves to 30 (44.5-14.0) 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 46-ish and higher, if bearish, you want to see 44.50-ish and lower. JJC closed this evening at 44.85. 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.