Folks, your thoughts on the last 3 weeks having SLW trading in the range $25 to $26 and $25 becoming stronger support as the time in channel progresses? Granted $24.80 or $24.89 is not that much below $25, but I am trying to understand where to place more emphasis wrt TA.
Sandybeach Dave, Consider 25.09 as support, or the bottom of the "box", if price breaks below it, I would think it will retest that level, if price goes back into the box and up above 26.36 this top has been a wave 3 top, this is a retrace wave 4 and one might expect a wave 5 up a bit above 27.00. If price is rejected on the retrace, say from 24.37 or 24.80, at 25.09 then 26.36 was likely a completed wave and price will retrace 37.5, 50.0 , 61.8 or 78.6 of the wave 19.23 to 26.36. The retrace could be 100%, but that is unlikely. So we are still waiting for price to break out of the box or channel 25.09 / 26.36 . . . should be resolved today if it is to be on the downside.