If SLW is going to reverse last week’s bearish onslaught, the 24.74 midpoint pivot shown (see inset) is a logical place for this to occur. However, if this Hidden Pivot support fails, brace for more downside over the near term to at least 23.92. Bulls could breathe a sigh of relieve if an upward reversal from 24.74 takes an uncorrected leap exceeding the 25.65 peak. That would create a bullish impulse leg, the first we’ve seen on the hourly since March 13. _______ UPDATE (11:22 a.m. EDT): The stock is getting crushed today and now looks bound for a potentially tradable low at 22.94. I’ll suggest bottom-fishing via a 22.97 bid for 800 shares, stop 22.88. _______ UPDATE (March 26, 12:53 a.m. EDT): A so-far low at 23.20 recorded on Monday held, but the 22.94 target is still valid. If the stock takes off without dipping to the target, you may need to zoom down to the 3-minute or less to find a tradable pattern on your own initiative.______ UPDATE (2:54 p.m.): Bears have crushed a 22.75 midpoint pivot, implying that SLW will now fall to 21.81 before it can get traction. I’d suggested buying 400 shares at 22.78 in the chat room, but the 22.71 stop-loss was hit shortly thereafter, generating a nominal loss of perhaps $35. Please note that if 21.81 gives way, a further fall to as low as 21.32 would become likely. More immediately, a 22.50 midpoint pivot associated with D=21.81 could engender a bounce. However, repeatedly and habitually bottom-fishing at each of these Hidden Pivots smacks of desperation. If you want to play a winning game, you should go short from just beneath one downside target to the next. _______ UPDATE (March 30, 11:43 p.m.): The stock has rallied sharply, up 5% in a day, but I’d need to see a print at 23.69 before I begin to trust the move.
