Wheaton (WPM): Is 88 CAD the Next Stop?

5 Apr

Due to the significant rise in gold prices, our primary scenario for Wheaton Precious Metals has been invalidated, and we've recharted the entire course for you. We now believe what we're witnessing could be a potential Wave 5 of Wave (3), meaning we're in the overarching Wave (3). This wave should reach at least 88 Canadian dollars, stretching potentially above 250, which of course will largely depend on how the gold price performs. We consider the Wave 4 to have concluded at the low of 39 Canadian dollars, and we're now in a Wave ((iii)), with Wave ((ii)) having concluded at just about 52 Canadian dollars. We anticipate a possible short rise to then develop a subordinate Wave (ii), which likely will see the high at 71.39 CAD acting as a strong resistance, and we might witness a relatively short downtrend for our Wave (ii), where we'll place new entries. We'll let you know as soon as we place a limit order.