According to the 6 mo d chart, SLW has 2 large chart patterns that you should be aware of. One is the Ascending Broadening Wedge now located between 23.74 and 33.64. The other is the Falling Wedge located between 16.77 and 28.53. These figures will change as the patterns continue to develop. The Falling Wedge could go lower. Watch to see if 23.74 can hold. This is the lower trendline of the Ascending Broadening Wedge. Strong possibility it will break.
SLW also has open gaps at 23.29, 19.34, and 17.78. Gaps are filled 95% of the time. It doesn't matter how long it takes. GL
Well, SLW now has a Falling Channel located between 17.25 and 21.20. The gap at 23.29 has now been filled. Other gaps are located at 19.34, 18.89, and 17.78. I have a feeling it will double bottom at 17.78 or close to that area.
Interesting, Thanks for the post. I have a TL from 17.75 to yesterdays low . Calendar days so the spaces are there for the weekend, 5 touches, so a strong TL, if yesterdays low breaks, 20.75, 17.75. 17.45, 15.20 and 14.54 are the support. hoping double bottom is worse case! Trendline down from 29.17 / 27.25 makes the triangle, has to break before long! Today is the day to test the downtrend line 26.88 is abt max, congestion zone 26.47 and 25.66 seem more likely.
Oops, my apologies sharpie and ufgtor. Upper TL is 23.21 and not 21.20. Hope it didn't throw you.
As long as SLW has a bearish alignment of the moving averages, it will likely continue moving down. The trend is still down, but it will not go straight down thanks to Elliott Wave Theory. Stocks travel in waves but you guys already know that.
I despise the message boards but every once in a while there are some people with good info like you and dj28rd. Thanks. Just what I am seeing too. These boards would serve us so much better if more like you 2 post non-biased and informative things like you did. Be well and good trading! UF