Wheaton Precious Metals had a sharp rise from $26.99 to $76.69 in 2020 (A-B), started a major correction later the same year, and is currently in the midst of building what appears to be an extremely bullish Triple Bottom formation (dashed lines). A sustained rise above ±$63 (shaded area) would signal a breakout from this pattern and the start of a new major uptrend toward higher targets.
The 40-week Moving Average (40wMA) is beginning to rise and the 10-week Moving Average (10wMA – not shown) crossed above the former to indicate the stock may be on the verge of a breakout. There is good support near $52-53; only a sustained decline below this level would cancel the current upside potential.
A decisive rise above ±$63 would signal initial Point & Figure targets of $69 and $74. The large Triple Bottom pattern (dashed lines) supports potentially higher targets.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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