In the past, the financial markets would have marched more or less to the same drumbeat as copper. We show you on a chart that this no longer holds true. Instead of crashing with copper, the financial markets soared to new highs.
Shares in mining and trading company Glencore fell almost 30% and closed at a record low on Monday over concerns it is not doing enough to cut its debt to withstand a prolonged fall in global metals prices.
The most heavily anticipated Federal Reserve meeting in the last seven years turned out to be a non-event. No change. The ticker flashed across the bottom of the screen, The Federal Reserve Board has left interest rates at 0. No change.
Rally from wave (W) low at 2.209 is unfolding in double corrective structure WXY where wave W ended at 2.418, wave X ended at 2.3053, and wave Y of (X) is in progress towards 2.516 – 2.64 area before turning lower at least in 3 waves.