For a nice change, despite the fact that Silver futures are getting pounded tonight, Silver Wheaton shares are refusing to confirm. Be that as it may, we’ll hew to the 38.285 correction target of the pattern shown as a minimum short-term objective. It is a bearish sign for the very near term that the 39.345 midpoint support associated with that number has been exceeded Sunday night by a decisive five cents. The target is too close to the 38.215 low recorded on to bottom-fish with our usual penny-ante stop-loss, but I’d encourage traders to look for the camouflaged turn — and possible trading opportunity — from around 38.300 on down. To rout the bears –badly — buyers would need to push this vehicle above 39.970 today without having let it fall to the 38.385 target.
