The positive divergence between Silver and Silver Miner Silver Wheaton Corp. (SLW) is striking.
Spot Silver is getting the benefit of the doubt from an upmove in industrial metals like Copper, which anticipate stronger economic growth in anticipation of an "unleashed" Trump Economy.
As a result, Silver has managed to hold above its up-sloping 200-Day EMA (17.79) amid a larger, still-developing, multi-year Rounded Bottom Formation.
Conversely, Silver (and Gold) miner SLW missed on earnings and has plunged beneath its up-sloping 200-Day EMA (22.47), and has down-spiked into key multi-month support lodged between 22.00 and 18.00, which must contain any additional weakness to preserve its bull trend.
I will be looking for strong buying interest to emerge under 20.00, and a powerful upside reversal that indicates the correction off of SLW's Aug high at 31.35 is complete.