Silver Wheaton’s opening bar yesterday took out the midpoint resistance shown with plenty of room to spare, and the pullback that followed precisely used this erstwhile resistance as support. This implies a clear path to 29.57, the ‘D’ target of the pattern I’ve drawn (see inset). The number should evince tradable resistance, but if it gives way quickly — say, within an hour or so of first being touched — that would hold bullish implications for the days ahead. How bullish? If you zoom out to the daily chart, the next logical stop, a midpoint pivot at 29.67, is close enough that the two numbers should be considered as a single resistance zone. Once it has been decisively exceeded, a ‘D’ target at 33.13 would be in play.
