just a chart

My latest obsession being Copper.  I found this weekly chart interesting.  Some observations:
- Strong downward momentum followed by consolidation wedges seem indicative of bottoming.
- Momentum breakouts from these wedges seem to begin a new strong trend.
- Most recent downside momentum came with a higher price low.
- Most recent upward momentum was strongest since June of 2010 (goes along with a triangle breakout).
- Once a trend is established the trendlines have been very clean, while a breakdown from the trendline sees an equally clean throwback to the trendline before a steeper correction ensues.
- The momentum breakout of the wedges is proportionate to the pullback which follows.  So, for instance, the first one back in 2009 saw 5-weeks up upward momentum followed by 5-weeks of consolidation pullback.  The second breakout in 2010 saw 3-weeks of a momentum breakout followed by 3-weeks of consolidation.

At this point we could suspect that a pullback from here has buyers interested.  Should price fail from this breakout and return to the 3.45 area we could presume that longs might be trapped, causing a dramatic failed breakout selloff.   But at this point things are looking good for Dr. Copper.