Silver Wheaton’s mellow drift higher last week quietly cleared more running room for bulls by exceeding a key ‘external’ peak at 27.25 recorded last September. It means that the entire rally from May’s low at 20.03 is now bullishly impulsive on the weekly chart. The putative power of the move would increase geometrically if the rally were now to exceed August’s 29.17 peak without correcting. Whatever happens, if you’ve been looking to get a piece of the next big thrust, the opportunity is likely to be there in the stock’s retracement of the bull leg still in progress. Lest you worry about being late to the party, notice that the theoretical potential of the stock in a bull market would be the 52.13 target shown. _______ UPDATE (July 16, 12:20 a.m. EDT): The 25.15 target shown looks enticing enough to try bottom-fishing. Accordingly, I’ll recommend bidding 25.17 for 400 shares, stop 25.06.
