A buying opportunity down near 24.34 was just wishful thinking, and our flat-footedness was made worse because I completely overlooked the possibility of a bullish turn from 24.97. That’s the Hidden Pivot midpoint pivot of the corrective pattern associated with the 24.34 target, and in retrospect it’s completely logical that Silver Wheaton would have reversed without reaching it. In practice this wouldn’t have matter much, since we’d need to have been long at Tuesday’s close to avoid getting shut out yesterday when the stock opened on a gap. The good news is that the stock is still trading within the consolidation zone that has obtained since mid-February. Assuming SLW doesn’t break out of it in the early going today, we’ll look for a ‘camouflage’ entry opportunity to get us aboard with relatively little theoretical risk. To that end, I have provided some graphic guidance on the charts, highlighting some very subtle external peak for traders who raring to go at the opening bell. _______ UPDATE (1:47 p.m. EDT): Using the 3-minute chart, the best entry opportunity of the day came at 26.16, hit at 10:06 a.m. The relevant pattern was: A=25.85 at 9:39, B= 26.16 at 9:57, and C= 26.08 at 10:03. Some chat-roomers reported being long, though evidently not via the entry tactic suggested. Keep in mind that we’re shooting for a 30.65 target. ______ UPDATE (March 18, 1:21 a.m. EDT): With SLW closing on a 25.84 correction target (see inset, a new chart), I’ll recommend bidding 25.87 for 400 shares, stop 25.78. ________ UPDATE (March 20): The trade was stopped out quickly as SLW fell to a so-far correction low at 24.53. It is somewhat bullish that the low did not quite reach the 24.36 target shown. That Hidden Pivot is the maximum downside that could have been projected using the intraday charts. However, the stock will now need to generate a bullish impulse leg on the hourly chart before it is out of the woods. That would require an unpaused rally exceeding March 18’s 26.17 peak.
