slwbreakoutbeatingspynov25

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I often get ask….”What does an ideal Power of the Pattern set up look like?” For us and ideal set up has these common features – Support/channel lines come into play, along with a Fibonacci support/resistance level and a bullish or bearish wedge pattern is near completion.

When it comes to ideal pattern set ups, it didn’t come much better than what presented itself 20-days ago! The Power of the Pattern started sharing two years ago that Silver could reach the $15 level, which could present a good buy point (see post here) 

After waiting over two years for Silver to near the price zone ($15) that interested us, Silver Wheaton (SLW) created what looked like a nice set up that we couldn’t pass up, as it was hitting channel and Fibonacci support at the same time a bullish descending triangle was about to end at (1) above, with few investors bullish Silver at the time.

Members picked up SLW 20-days ago due to this set up and since a nice breakout and a nice gain has taken place. (SLW is up over 20% more than SPY in the past 20-days).

Is it too late to get in on this trade? A very nice risk/reward entry point did come into play on 11/6. One thing that does stick out to me is this….Sideways channel resistance comes into hand around the $27 level, which is still a large percentage above current prices.

silverbullishwickatdualsupportnov21

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Last week I shared the “Monthly Silver” chart above, discussing that a bullish wick could be forming at dual support and the 23% Fibonacci support level. The month is not over with at this time. Should Silver end the month higher than it closed last night, it would appear that a bullish wick on a monthly basis took place at key levels.

If you would like to know of these type of Power of the Pattern setups while they are in their formation stages, you might find Premium Membership of value to you, as members get these setups sent to there in boxes when they present themselves.

See our website….HERE