Silver Wheaton is within striking distance of an ‘external’ peak which if exceeded would signal the genesis of a powerful impulse leg with the potential to turn the intermediate-term picture decisively bullish. It lies at 34.61, exactly 1.70 points above the high of yesterday’s spike. In order to be valid as an impulse leg, the thrust would need to be unpaused (i.e., have no b-c correction) once the internal’ peak at 33.02 is surpassed. Rather than speculate, we’ll wait for the stock to tell us whether it is ready to emerge from the woods.
