Okay, from price points of the last large wave down (26.08 - 25.09), that was a typical W2 retrace of 78.6% to the 25.87. Now we should head on down in typical W3 fashion. (If indeed that is the trend direction, to 23.49).
Earnings are 3 weeks away and they will not reflect the current upswing is silver price as the prices did not begin to rise until the fourth quarter was completed. That may put some downward pressure on the stock price. Incrementally, I suspect the broad market has about run its upward trend and may drag SLW down when it starts to flounder. I suspect relatively flat performance for the next month or two with a bias up, and then upward velocity may increase and be more consistent. If we get some news that suggests that US citizens are losing faith in the full faith backed dollar or something else like an unrest losing its containment, then the short term may be more productive for SLW longs. One thing for sure, with prices holding flat or biased up, more positive work will be done on the fundamentals, such as getting all the MA's trending up and in sync.
Silver Wheaton Corp is expected* to report earnings on 03/20/2014. The report will be for the fiscal Quarter ending Dec 2013. According to Zacks Investment Research, based on 9 analysts' forecasts, the consensus EPS forecast for the quarter is $0.25. The reported EPS for the same quarter last year was $0.50
Perfect, low next week, run up to 27.25 by the 20th, was thinking the 21st because of the season change.
Last march SLW was about 32.00 with earnings of 50 cents per share.
I think we have to close back under 25.65 to make this just a retrace. The miners are not buying the metal weakness and are still betting heavy on a surge in silver over 22 up to the 24 area. Could be month end stuff as the volume required to lift these is very small . We will see on the close if institutions are using these prices to distribute to the retail crowd or are really placing big bets on a surge in the metals. Short interest is way down, so really just a lack of sellers in here and small buying driving up into no offers. I'm still hanging short and buying the metals on these big dips. Nice buys in silver last night paying off but would like to see either SLW be proven right or wrong in it's speculation. If tomorrow SLW tries for new highs into month end, I think i will buy a lot of ATM puts for March against ATM calls in SLV in the event of a massive compression in the spread. Still not sure who is right or wrong so I don't want to play either side alone.
Yeah, that price above of 23.49 is just a typical W3 1.618% bottom based off the price points above. There is a W5 that takes it down to 21.89 final bottom. Those are the from that second larger wave down on the recent 10 day charts. That large first wave still holds the price points you and I posted last night. Hard to say which Large Wave to use, but I like to think of it as that first was a Wave A, and the second (the price points listed above) as a Large Wave 1 of C.