% | $
Quotes you view appear here for quick access.

Silver Wheaton Corp. Message Board

  • sharpie3444 sharpie3444 Nov 6, 2013 9:54 PM Flag


    If 21.79 was Point 3, price is likely in Wave 4, if so one count is A B 1 2 and i ii of 3. Fibs off Wave one (21.86 to 22.70 ) yield 23.24 for the 162 and 24.09 for the 262. 24.09 enters wave one a bit at abt 23.94 back on the 29th of last month, but here lately its not uncommon to get a dime or so overlap or for price to fall short of the 24.09 and the 23.94 by a few cents. Cowboy, if you are around please look this setup over and see what you think. I m still long with calls, always clouds ones vision when in a position. 200 fib at 23.59 a possibility as well.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Okay, I have 2 conflicting thoughts / charts. In your first scenario of W 1 21.86 - 22.70 then this morning we hit the 78.6% retrace (usual W2 retrace) this morning and that means that we will rocket up to a minimum of 23.54 and either pause or continue up to 24.06. This seems very plausible in anticipation to earnings coming out on Monday. For the record, I am long at the moment also and very much favor this option. To your salient point, it does tend to add a bias towards the way we are at this moment long.

      The 2nd option / chart shows that 22.71 was a max W4 retrace (we hit 22.70) based upon a 5 Wave Down series that began last week using data points of W1 24.70 - 23.61 and W3 finishing at 21.84 (went to 21.7994 or 21.80 if you will). W 5 Down would take us to 20.07. Now the trouble I have with this scenario / chart is that I don't see a Clear 5 Wave sequence up for the W4 C up and C patterns usually (almost always) culminate / finish in a 5 wave pattern.

      I'm not sure if this helps any if at all. Just my thoughts on your post.

      • 1 Reply to cowboyinill
      • Thanks Cowboy, will review that data! This mornings action moved the 2 of C of this retrace, but the count is back to i ii of 3. it will take movement above 22.70 to confirm a 5 waver up from my point B at 21.86 and of course breaking below 21.86 is telling as well. A trend line from 21.79 to the top of my point 1 ( 22.70 ) hits 23.54 / 23.60 late Friday afternoon. The low price on 10/30 may be the resistance. Just got gap fill! So we see soon if gap resistance can be overcome.

    • Likely a big deal that price, so far, wasn't pushed below 21.79. Lower interest rates in eoroland, lower euro, higher dollar index. lower silver. RSI still higher than the bottom at 21.79

24.29+0.44(+1.84%)Oct 25 4:00 PMEDT