I put a butterfly straddle on Copper today. I think a big move one way or the other is imminent. It has been testing the $250 level over the past week. This level was support in mid-April, and back in November and December. Each time was followed by a tradable rally.
Conversely, if the $250 level breaks to the downside there may not be meaningful support until it approaches the $230 level. The levels between $230 and $250 were gapped up through in early November. Gaps tend to refill because such little time was spent there that there is little vested interest at the levels that were gapped through.
$230 was clearly defined resistance last year from March through July.
Monarch butterflies (Danaus plexippus) perform annual migrations across North America which have been called "one of the most spectacular natural phenomena in the world".
Starting in September and October, eastern/northeastern populations migrate from southern Canada and the United States to overwintering sites in central Mexico where they arrive around November. Some travel over 5,000 miles. They start the return trip in March, arriving around July. No individual butterfly completes the entire round trip; female monarchs lay eggs for the next generation during the northward migration and at least four generations are involved in the annual cycle.
Similarly, the western populations migrate annually between regions west of the Rocky Mountains including northern Canada and overwintering sites at the coast of California.
Monarchs also perform small distance migrations in Australia and New Zealand. There are also some populations, for instance in Florida and the Caribbean, that do not migrate. Recently discovered overwintering sites have been identified in Arizona and northern Florida.