Wednesday, December 19, 2012

12/19 - SLW update: short-term low set?

With regard to Silver Wheaton, I was clearly premature yesterday in calling for a low...

However, having now noticed the parallel channel that has formed (purple lines) with Waves a, b, c, and d, I now believe a low is in and I expect that we proceed higher to test the red resistance trendline (marked Wave e/X).

I still anticipate that SLW will not be able to re-capture the resistance trendline and that the stock will subsequently fall to a final low near $32 in early January.

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