Courtesy of Chris Kimble.
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Copper ETF (JJC) lost over a third of its value in 6 months (2/2011 to 10/2011). Since then a strong retracement rally in Copper has brougth JJC back to its 50% retracement level, of that 6 month decline and has filled a key gap in the chart at (1)..
Of late JJC has declined a small percentage after hitting its 50% level and is breaking a steep support line. Keep a close eye on JJC’s near term action to see if this leading indicator “backs off” much from this key Fib level and sends a new macro message.
