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CLASSIC ELLIOT WAVE TRIANGLE - MAJOR UPSIDE POTENTIAL#SLW - SILVER WHEATON CORP - NYSE. CLASSIC ELLIOT WAVE TRIANGLE ABC CORRECTION WITH MAJOR UPSIDE POTENTIAL With the mining industry doing so well Silver Wheaton Corp is the largest pure precious metals streaming company in the world. Streaming / royalty stocks are greatly becoming the darlings of the commodity investment world. In the precious metals sector, this type of company provides financing for mining companies in the form of an upfront cash payment in exchange for a percentage of production or revenues from the mine. Silver wheaton corp has performed well during the 2016 bounce in commodity prices along with a few other best known streaming / royalty companies in the mining space Franco-Nevada Corp, Silver Wheaton Corp and Royal Gold Inc. These stocks have all performed well offering leverage to the underlying move of the metals. For example, while gold and silver are up around 20% year to date, the three stocks mentioned above are up 45-55% in the same time period. #SLW Upside potential to me this pattern looks to be an ABC Correction with uptrend to follow, the stocks anticipated growth is expected to be driven by the Company’s portfolio of low-cost and long-life assets, including precious metal and gold streams on Vale’s Salobo mine and Hudbay’s Constancia project.
SLong
by wolfstreetswinger
11
GLD -SPDR GOLD - MONTHLY DOWNTREND FAILED APRIL 2015For the big picture of gold, look at the monthly time frame. What is the story that the monthly chart is telling us? It is showing us that Gold has FAILED to make a new low after bottoming back in November at 109.67: December, January, February, March, April all failed to push new price lows and that is a sign that the sellers are not only extremely patient, but maybe they are running out of ammunition. Time tells us a lot about a market and time tells us MORE than volume. What we need to see now is for GLD to lift over the "mode" which I have labeled here on the chart with the light yellow box. The mode is from 114.29-115.96. It won't take a genius to point out that gold will be bullish if it gets over 115.96, but I think I can state with some degree of confidence that it will likely go over that level for the simple reason that GLD didn't break under 109.67 since November. Another point to make is the VOLUME RESISTANCE line up at 124.70 which was the upside target from back in January when GLD accumulated and set up for the rebound to 124+. Keep a CLOSE eye on GLD here. The BIG KICKER will be whenever China announces their gold holdings and that could dramatically shift opinion on GLD since it is very rarely disclosed. The Chinese gold holdings are supposedly less than a 1% reserve against their paper reserves (bonds, notes, bills).
AMEX:GLDLong
by timwest
Giant double-bottom forming in VALE- Vale jumps today from level of previous low despite weak Chinese PMI data (on the heels of oil break out). - Name heavily oversold on Chinese fears, plummeting iron ore prices, Brazil uncertainties, etc., selling might be overdone. - Deeply undervalued even with depressed circumstances taken into account. - High risk idea as many part of the equation of Vale is still very vulnerable, but promises reasonable profit potential. - Double bottom is only confirmed when price breaks through neckline around 8.6-8.7. First stop might be there as well, possible break out then might bring it above 10.
NYSE:VALELong
by somi_andras