Sellers demolished our 22.03 target last week with the greatest of ease. A Hidden Pivot target at 14.98 is therefore in play, but let’s focus for the time being on the 20.40 target associated with the trendline (see inset) as a minimum downside price objective. If you’ve been short when SLW gets there, reverse the position and go long with a tight stop-loss. _______ UPDATE (9:13 p.m.): The stock closed precisely on an alternative trendline that connects three lows going back to 12/16/13 low (19.23). However, if SLW goes any lower it will hit the 20.40 target referenced above. Call it a second chance if you want, but neither support should give way easily unless there is still considerable selling remaining to be spent. _______ UPDATE (Sep 24, 7:35 p.m.): The stock has taken a promising, robust bounce from 20.46. If you bought down there, take a partial profit and let the position run. _______ UPDATE (September 29, 2:07 a.m.): Good thing we knew enough to take a profit last week when this brick was in the throes of a feeble rally. Now SLW has decisively broken the major trendline noted above. It could still turn from just above either of two crucial lows — 20.03 (May), or 19.23 (December) — but if you plan on bottom-fishing, ‘camouflage’ is strongly advised. _______ UPDATE (Oct 3, 4:30 a.m.): The stock has gotten traction at 19.57, 24 cents above the Hidden Pivot target identified above. The failure so far of the downtrend to reach the pivot is mildly bullish, but the rally would need to hit 20.58 by no later than Monday to make this significant. ______ UPDATE (October 9, 1:20 a.m.): It took longer than we’d expected, but yesterday’s blast hit 20.71, handily exceeding or bullish threshold at 20.58. SLW is a bull trade now, of course, but it’ll take great skill to get aboard with so many born-again bulls watching the stock. If you’re looking to enter on the hourly chart, use either a timed buy-stop on the big pattern, or zero in on a smaller abc uptrend on the three-minute or less.
