SLW, Silver Wheaton Corp.

slw jul 2012

Silver Wheaton is a great company, it does not look for or dig up silver, it just collects “royalties”. Makes it a bit of a pure play. It is down exactly 50% at the lows. Both a bullish and a bearish count are presently possible, but either way, a move to about $32.50 should be anticipated. That is more than 10%! Use a stop loss. After that I prefer the downside but from EW perspective that conclusion cannot be drawn unequivocally. Other stocks favour the downside as well, see for instance FR, First Majestic and HZU (down at 4 from 20!);

fr jul 2012

This one is almost certainly doing a small a-b-c AND still has to get to a reasonable target of $10. See previous blogs on this and HZU.