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 an 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!);
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.