wolfstreetswinger
Long

CLASSIC ELLIOT WAVE TRIANGLE - MAJOR UPSIDE POTENTIAL

NYSE:SLW   SILVER WHEATON CORP
#SLW - SILVER WHEATON CORP             - NYSE. CLASSIC ELLIOT WAVE TRIANGLE ABC CORRECTION WITH MAJOR UPSIDE POTENTIAL

With the mining industry doing so well Silver Wheaton Corp             is the largest pure precious metals streaming company in the world. Streaming / royalty stocks are greatly becoming the darlings of the commodity investment world. In the precious metals sector, this type of company provides financing for mining companies in the form of an upfront cash payment in exchange for a percentage of production or revenues from the mine.

Silver wheaton corp             has performed well during the 2016 bounce in commodity prices along with a few other best known streaming / royalty companies in the mining space Franco-Nevada Corp, Silver Wheaton Corp             and Royal Gold Inc             . These stocks have all performed well offering leverage to the underlying move of the metals. For example, while gold             and silver             are up around 20% year to date, the three stocks mentioned above are up 45-55% in the same time period.

#SLW Upside potential to me this pattern looks to be an ABC Correction with uptrend to follow, the stocks anticipated growth is expected to be driven by the Company’s portfolio of low-cost and long-life assets, including precious metal and gold             streams on Vale’s Salobo mine and Hudbay’s Constancia project.
Comment: AFTER THE CRASH IN PRECIOUS METALS C-D EXTENSION WAS CUT A LITTLE SHORTER THAN EXPECTED BUT THE PENANT IS NOW COMPLETE

WITH SILVER LOOKING TO HAVE FOUND SOME GOOD SUPPORT AND DUE FOR CORRECTION WE COULD HAVE SOME BULLISH MOVEMENT SOON TO BREAK THIS TRIANGLE

TRADE WITH CARE
Trade active: Trade active after good decent bounce on gold and silver today streaming stocks are up 6-8% lets hope moment builds on that bounce so we can continue on the up. I almost missed that bounce myself with market starting to look bearish i was going to remove my order so glad i didn't lol.
Comment: Apologies guess i shouldn't really list as active as we have missed the break which is a shame would have missed myself if i wasn't playing the consolidation almost took a loss but with that said i think there is more upside here with silver bouncing from that horizontal support rsi was at its lowest all year so momentum could build on that bounce and we should get a good run and see us to our target.
Trade closed: target reached
Can you show us your Wave 1-5 count preceding your A-B-C wave? Thank you
Reply
ON THE LARGER SCALE

Reply
wolfstreetswinger wolfstreetswinger
It could also be wave 3 of 1-5, listed as correction wave because its been on a big downtrend since 2011 and is now in uptrend. you could count the 1-5 from 2011 and now we have correction
Reply
Sorry Vinny this should be clearer
snapshot
Reply
Vinny10 wolfstreetswinger
Thanks buddy, really appreciate you sharing that! My only concern with this consolidation is that it may be Desc Triangle and could break down. SLW bounces within the triangle haven't been impressive so far. My eyes are on that unfilled-gap preceding the consolidation; It would be nice if it doesn't fill any time soon, and we get one more move to the upside before a decent correction.
Reply
You are quite right Vinny, I do remain with a cautious stance as the pattern hasn't quite unfolded as expected a re sketch could look descending and yes it would be great at the moment we have a 33332 which isn't what we want so bit more upside before correction would definitely heighten interest and get that gap filled
+1 Reply
SILVER LOOKING TO HAVE HIT SUPPORT DUE FOR CORRECTION
snapshot
Reply
I know one shouldn't think trade based on "feeling", but I still do feel we have one more push higher on this before it corrects. However, it would be a shame if this was a topping pattern (i.e dark cloud cover). It would be nice if it consolidates a tad and then rips up. What are your thoughts on the current price action?
Reply
Vinny10 Vinny10
Sorry I was referring to the SLW chart (not Silver Currency chart)
Reply
Hi Vinny very sorry pal been mad busy of late been stuck in gothenburg with work. and yes i agree think your bang on there we look to have that consolidation, and in my view now is a good opportunity to get in long should hit that original target at least.
snapshot
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out