Next week SLW will be above all the common MAs from 20 to 200, first retrace week after next the retrace will find support at the 50 dma, after that most of the interaction between price and MAs will be price vs the 5 , 10 and 20 dma . . . will a long while before price moves below the 50 or 200 again.
For sale signs up this past April.. Not in my neighborhood. That's good for prices, but is that what the market wants to see? No sale.
W 3 = W1 in length , likely W5 will be shorter than either, points to the 162 fib of W1 = 22.00.
Agree on wave count, but I think W2 will / should retrace to 21.63 (21.63 most likely) or 21.84 first. I think we head down there in the morning. The 22.01 is the 50% retrace (actual 21.99), which is technically enough for us to continue on up, but the 50% retrace is usually (almost exclusively) a W4 or ABC retrace.
Silver Ref : 19.62 , last 19.62 . . Flat , but 5 , 15 and 30 min RSI have moved above 50% the last hour or so. I'm content with my 22.00 calls ,even if price goes down to 21.74, / 21.80 it should recover quickly , as always ,the morning will tell. This afternoons price overlapped the W1 price at 22.23 ? But it often seems to do so
It is highly unlikely but very possible within the framework of EW. Your 19.23 would be a 100% retrace. Still unlikely, but much more common would be a 78.6% retrace at 20.92. Good Luck.
Sorry IIIorac, didn't completely answer , the 20.01 post was me picking a bottom , Cowboy and I were discussing lower possible pivot points, still early but 22.41 may be a first minor wave, (i) retrace may be a chance to buy hwb is 22.22, until price clears 22.60 there is a bit of uncertainty. 22.61 would be the "Safe" buy, but we all like to chase best price, lowest in this case
Measures to 32.38 , more or less . . . . 22.61 / 22.63 likely (i) of III, III at 23.16 ? may sell there and wait the retrace out in cash.