Copper Analysis 2012-07-21

its been a while since my last update and not much has changed since. the last analysis was at the bottom of june, when many posts were made of dropping prices, which are still lingering around. since then we have been treading some water. we have made back some positive ground, even formed a W, or double bottom pattern. only to reach an area of resistance, and formed a disgusting bearish cloud on friday with a potential M, or double top.

http://i47.tinypic.com/154io20.jpg

all this chopping around makes us take a look out further. here below is the weekly chart. a very large time frame wedge has formed. one day in the future we will break out of the wedge, and when we do, it's usually with some force. how everything looks and feels out in the real world will determine which way the break will be.

http://i49.tinypic.com/29kyk9e.jpg

so are you a bull or a bear? i know here in NJ, unemployment is almost at 10%. can't imagine what it really is.

My feeling is that we chop until the election results are in. Fed policies are inflationary, and business is waiting to see which direction the administration will take before doing any spending. America has gone Galt.