#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.
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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
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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.
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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.
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?
Vinny10
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Sorry I was referring to the SLW chart (not Silver Currency chart)
wolfstreetswinger
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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.
wolfstreetswinger
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SILVER LOOKING TO HAVE HIT SUPPORT DUE FOR CORRECTION
Vinny10
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Can you show us your Wave 1-5 count preceding your A-B-C wave? Thank you
wolfstreetswinger
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wolfstreetswinger
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ON THE LARGER SCALE
wolfstreetswinger
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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
wolfstreetswinger
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Sorry Vinny this should be clearer
Vinny10
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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.