$PAAS was on fire until mid-October.
It has since that point been sideways trading, albeit with a slightly downward channel to the consolidation wave. That is somewhat ominous, but it is equally as difficult to guess if $PAAS can (FULLY) reclaim the momentum it had earlier this calendar year.
While this trader has taken on a position on the notion that it does happen, saying how long this might take in terms of a wait, is a total crapshoot. Of course, being wrong with timing is missing the entire boat: So this idea will be revisited as this position is held to keep consistent with the future path of Pan American Silver ($PAAS).
The harmonics are both promising us and warning us, at once--and really how this C-Wave breaks is no better than a 50-50 guess. Honestly seems appropriate rather than force the notion that some kind of read on this chart is there, that is not.
That said, cup and handles lead to breakouts 65-75 percent of the time, so if this COULD be categorized as that - that is a bullish indicator, of sorts. There is not much of a cup, but there certainly *Is* a handle. Yeah, that just sounds confusing doesn't it?
The breakout could be substantial, while the reason this is a decent play is that the risk is already mostly assumed by entering at this nadir. Anything can happen, but there is enough strength in this stock to believe the bottom won't fall out any time real soon.
GL if you need it; if not - GO THRIVE ANYWAY!
-BDR
It has since that point been sideways trading, albeit with a slightly downward channel to the consolidation wave. That is somewhat ominous, but it is equally as difficult to guess if $PAAS can (FULLY) reclaim the momentum it had earlier this calendar year.
While this trader has taken on a position on the notion that it does happen, saying how long this might take in terms of a wait, is a total crapshoot. Of course, being wrong with timing is missing the entire boat: So this idea will be revisited as this position is held to keep consistent with the future path of Pan American Silver ($PAAS).
The harmonics are both promising us and warning us, at once--and really how this C-Wave breaks is no better than a 50-50 guess. Honestly seems appropriate rather than force the notion that some kind of read on this chart is there, that is not.
That said, cup and handles lead to breakouts 65-75 percent of the time, so if this COULD be categorized as that - that is a bullish indicator, of sorts. There is not much of a cup, but there certainly *Is* a handle. Yeah, that just sounds confusing doesn't it?
The breakout could be substantial, while the reason this is a decent play is that the risk is already mostly assumed by entering at this nadir. Anything can happen, but there is enough strength in this stock to believe the bottom won't fall out any time real soon.
GL if you need it; if not - GO THRIVE ANYWAY!
-BDR
Comment:
This has gone exactly as expected. Profited off two $37 Calls @ $35 per contract; still hold a position on the stock.