Someone asked me in the chat room to take a look at this stock, and so I have. The best buying opportunity we’ve seen in a while occurred on the opening bar yesterday, which exceeded by 29 cents a Hidden Pivot target at 21.68 that had been six weeks in coming. Considering how long it took SLW to get there, the current bounce should run for at least 3-5 days even if the stock is destined for new lows. Camouflageurs should approach any trade with a bullish bias, but I should note that even on the 3-minute chart, using the subtlest opportunities I could discern, the stock has been one tricky little s.o.b., generating second or third point ‘C’ lows after nearly every valid signal. ______ UPDATE (October 14, 12:28 a.m.): Friday’s low came even closer to the target, overshooting it by 7 cents. Although it’s tempting to say the low is in, the bounce from it, feeble as it is has been, is as yet unconvincing. If SLW relapses on Monday, breaching the low, it will put into play a 20.47 ‘D’ pivot (60-min, A=24.05 on 10/8) as a minimum downside objective. _______ UPDATE (October 17, 11:03 a.m. EDT): This morning’s short-squeeze is bullishly impulsive on the hourly chart, but it has yet to put in a b-c correction that we could use to get aboard. If the rally extends without pause above the 24.05 ‘external’ peak recorded on October 8, bulls would have something to celebrate. For now, though, bullishness of a more speculative sort would be appropriate. _______ UPDATE (October 22, 9:36 p.m. EDT): Let’s see how buyers handle the 24.72 Hidden Pivot target shown. An easy move through it would leave bears on the ropes, probably for the remainder of the week. ______ UPDATE (October 28, 3:41 a.m. EDT): Last week’s high exceeded our 24.72 target by a nickel — not quite enough to infer that bulls are ready to rampage. However, a thrust today that gets past October 2’s 24.93 ‘external’ peak would change that.
