Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

New Upleg for Silver Wheaton


After last week's plunge in reaction to a minor downward guidance adjustment (it does not take much these days), Silver Wheaton (SLW) has rebounded strongly and held its gains during today's crazy volatile session.

My pattern work indicates that the orthodox high in the aftermath of the June 20 low at 29.70 occurred on July 18 at 40.08 and that all of the action since then into Friday's (7/29) low at 35.43 represents a completed correction. If accurate, that means that a new upleg has started (at 35.43) and that upside price acceleration should be forthcoming in the hours directly ahead, with the upside being possibly a hurdle of 40.50.

Only a break of Friday's low will compromise my current outlook.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!