CDE (Coeur Mining Inc.) has broken above the neckline of the IHS pattern, triggering the alternative entry or an add-on to the initial position taken around 4.20 (bottom of the right shoulder). Targets have been added with T3 & T4 only potential, not official, long-term targets at this time, pending a breakout of gold above the downtrend line and how silver trades going forward.
The ultimate success or failure of this trade (although it is already up over 20% from entry) will ultimately depending on whether or not my primary bullish scenarios for gold & silver play out in the coming months. Therefore, the potential 3rd & 4th targets are for longer-term traders & investors with a bullish outlook on silver & gold that took CDE at the bottom of the left shoulder, possibly adding here on the breakout, while employing wider stops. The initial targets (T1 & T2) are for typical swing traders and have a decent shot of being hit even if gold and silver only move back up to the top of their recent trading ranges before reversing.
As always, the price targets are set slightly below the actual resistance levels in order to help assure a fill, should prices reverse just shy of resistance. T4 is aligned with both horizontal resistance as well as the approximate price measurement of the inverse head & shoulders pattern (IHS). Those who established a long position towards the bottom of the right shoulder might consider raising stops to the 4.60 level at this point. Previous & updated daily charts below. click here to view the live, annotated chart of CDE