Yesterday’s leap on the opening bar negated our plan to bottom-fish, but we can try again today using the pattern shown. Assuming Silver Wheaton’s correction is near an end, we should expect good odds employing a bid for 400 shares at the 25.60 midpoint pivot show. Place the actual bid two cents above the target, at 25.62, and use a stop-loss at 25.54. If it’s hit, that would imply more downside to 24.99, where you could try again. Use at 25.02 bid, stop 24.93. The pattern is delicate enough that either pivot should produce a bounce within a few cents of the projected low. ______ UPDATE (July 18, 2:27 a.m.): SLW has forged higher, negating our buying plan. I’d prefer to buy on weakness, but we should be prepared nonetheless to catch it on-the-fly. _______ UPDATE (July 22, 12:05 a.m.): A pullback from just above the two peaks could yield the buying opportunity we’ve been looking for. If interested, query me in the chat room during market hours. _______ UPDATE (July 23, 7:16 p.m.): The stock appears to be rolling over. If so, plan on bottom-fishing the midpoint pivot shown, at 25.97, with a stop-loss as tight as 5 cents. If it’s hit, though, expect more slippage to its D sibling, 25.06.
