FCX Possible Bellwether of New QE Up-leg

I am not sure what to make of Freeport-McMoRan Copper & Gold Inc. (FCX). On the one hand, it has climbed 19% off of its July low. On the other hand, its larger pattern resembles a huge 3-year topping formation.

So here we have a copper and gold producer that could be seeing relief in the form of a lower dollar, rising precious and industrial metals prices, and the prospect of more, possibly very aggressive QE. Yet the technical and pattern set-ups argue against a climb beyond 40.00.

If FCX more or less follows my script, then what might it be saying about "the world"? Perhaps that more QE from the US, Europe, China, and Japan will not prove efficacious, and, instead, the huge 3-year top pattern is WARNING us that global aggregate demand is beyond monetary repair, and a "natural" process of creative destruction, finally, will have to take place before the global economy begins to recover in earnest.

Let's keep an eye on the behavior of FCX in the upcoming days for signs that it is, or is not, a bellwhether of a new QE upleg, or its opposite number -- the failure of more QE.