On the chart above, you can see a clear 5-wave up move from the $7.42 low. My measured targets were in the $19.50-20.25 range. Since these levels have been breached, I am getting ready for a sharp decline to about $14, the 50% fibo level and the Wave4 low.2/29/2008
Palladium Stock (SWC) May Lose its Shine
Metals have been on a tear in the past month, and it almost seems like they might never drop. Mining stocks have enjoyed the benefits of these outrageous prices. Take, for example, Stillwater Mining (SWC), which specializes in extracting Palladium and Platinum. It has enjoyed an almost 300% gain in just about 5 weeks, though it has yet to earn a profit. I think it is on the verge of a decent correction very soon.
On the chart above, you can see a clear 5-wave up move from the $7.42 low. My measured targets were in the $19.50-20.25 range. Since these levels have been breached, I am getting ready for a sharp decline to about $14, the 50% fibo level and the Wave4 low.
On the chart above, you can see a clear 5-wave up move from the $7.42 low. My measured targets were in the $19.50-20.25 range. Since these levels have been breached, I am getting ready for a sharp decline to about $14, the 50% fibo level and the Wave4 low.
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