Remember, that was Sharpie's prediction. I'll be checking in from time to time just to remind him in case he forgets. Cowboy & Sharpie remind me of those people who sit at a roulette table all day mesmerized with the electronic scorecard showing all the numbers that came up the past 15 spins; they believe they can see magical patterns indicating where one should place their next bet. Years ago, a guy actually wrote a book on the subject, it had pages and pages of "patterns" with instructions on how one should bet.
These folks can't get it through their thick skulls that past occurrences do not predict future events -- the odds of the ball landing on a "Red" number (American-style wheel) are still 18 chances out of 38, or 47.4 %. "Red" can come up 20 times in a row and the odds of it happening again is STILL 47.4%.
Personally, I believe SLW is near the low-end of a trading range that will probably top-out in the $24-$25 area on any kind of renewed buying interests. Short of some major geo-political l catastrophe, PM trading/prices will probably be listless for the remainder of the year. This is NOT a prediction, just a gut feeling. Just gonna keep writing covered calls in the mean time. Nice monthly income while I'm waiting -- don't need no charts for that!
There's still hope -- only two hours of trading left -- plenty of time for the mother of all rally's.
Gonna roll down my JAN $25 CC's to JAN $23's. Even if called away, can't see SLW getting much past $24 at the very best, just wait for next inevitable drop & buy back @ $23. Equity markets on a tear right now, no one wants PMs. Out time will come but not until spring at the earliest, more likely summer. JMHO
I would say that having a plan and analysis is better than guessing. T/A works a lot more often than you think and provides you with an enter strategy and an exit strategy, both of which I believe are pretty important when trading. No ill will and best of luck to you.
It's true, spending a lot of time with SLW. hopefully not mesmerized, but obsessed. Looking for the secrets of the stock price movement so as to predict each day to a price range. I don't believe price movements are random. The odds of price prediction are likely much greater than the players on the roulette table face, but I work at it anyway. Concede 26.65 is likely lost since we didn't jump the gap Friday. Regrouping . . . expect only 25.37 first week of Dec. Cowboy, consider v of I to come Monday, but pretty weak, maybe to 22.87 . . retrace to fill the gap at 21.66 ish.
"Concede 26.65 is likely lost since we didn't jump the gap Friday"
Oh no you don't my furry little friend, you're not going to pull that stunt!
You made a definitive statement on 13-NOV, no qualifiers, no conditions, no nothin'. You stated without hesitation that we'll see $26.65 this week and now you want to weasel out of it. You made no mention back then concerning the necessity of having to "jump the gap" by Friday. Sounds like a really bad excuse. Next time try this: "A Komodo Dragon crawled into the kitchen while I was sleeping and ate the cat along with all my charts."
Oh, but wait --- NEWS FLASH! ---- " ... expect only 25.37 first week of Dec." You're backtracking and replacing one dumb prediction with another equally-dumb prediction. Keeping working at it -- I just know you're going to be right someday. I'd sacrifice a goat before sunrise, but my sacrificial goat is never around when I need him, would a chicken do?
Hey Sharpie, I stopped out at the end of the day Friday as it broke my retrace of 22.06 (Only by a few pennies mind you, but there you have it). Would not surprise me if we did move up to the 23.62 either though. I was evaluating your thought on this move from 20.88 - 22.58 could very well be a W 1 up. If this is the case, the retrace points are likely 21.70 , 21.20 , and 20.82 with 21.20 being the most likely before resuming up in a stronger fashion.
The other scenario I show is that we finish the Down trend W v of Wave 5 at 20.07 or 20.22 and then move up with authority.