Freeport Mcmoran Weekly Chart

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The planetary declination viewed in this chart is the geocentric orbit of Mars. It is visible that FCX trends in direction with the declination cycles of Mars. All of the minor increases in price have been occuring with the speed of which Mercury orbits around the Sun. Mercury's heliocentric orbit is indicated by the upward sloping blue lines. The large decrease in the price of FCX occured with the speed of Venus`s heliocentric orbit (4x1 Gann multiplier). This leads me to conclude that the next price decline will likely occur at this similar speed. The Gann multiplier of 2x1 is used for the next projected decline. If you use the 4x1 speed then it projects that FCX will go bankrupt. I dont believe bankruptcy will be a scenario worth forecasting for FCX so I toned the speed multiplier down.

Currently FCX is on a Gann support target of 240 degrees down from the 11-1-2010 high. This support level shares confluence with a planetary fan support level. If the support level located at $66.69 holds, then a rally up to 84.02 is projected. FCX is expected to reach $84.02 the week of March 19, 2010. From the $84.02 target, a deep decline is forecasted.

The downside targets for the decline include:

1) $60.07- Target week of 4/06/2010.

2) $45.02- Target week of 16/07/2010. I believe this to be the most accurate forecast. This target is expected to provide a sharp and fast rally.

3) $20.67- Target week of 8/10/2010.