My near-term work indicates that this morning's spike low in Freeport-McMoRan Copper & Gold (FCX) at 48.61 followed by a sharp upside reversal above 50.00 (so far) has the right look of the end of the corrective process off of its January 12 high at 61.34.

If that proves to be the case, then FCX is about to enter a new upleg within its dominant uptrend off of the July 2010 low at 28.36.

Let's keep an eye out for a positive close today above 50.14. While FCX is attempting to put in a corrective near two-month low, the iShares Silver Trust (SLV), Silver Wheaton (SLW) and the SPDR Gold Shares (GLD) all are taking a breather in the aftermath of their near-vertical upmoves, which so far has not negatively impacted their otherwise very much intact and dominant uptrends.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.