Market Update on Steem/USD & Silver (SLV) 1/11/2017

Summary: The price of Steem tested the .786 retracement level in overnight action. You can consider it the completion of an ABC move if you are a student of Elliott Wave theory although interpretations of various wave theories will tell you there is no absolute certainty that this is the end of the pullback, however this is a good place to be looking for price to rise again. If so, the next appreciation in price will be at least as big as wave one.

Summary: What we want to see is for the price of silver not to fall below 16.00 for the rest of the day. I'm not expecting an impulse move to occur at this time but the TA has to remain somewhat neutral for traders to take a shot at the long side of the equation. Silver used to be a long term investment....well those days are quickly approaching where silver will be the hottest trade out there along with cryptos so pay close attention to buy volumes and the MACD.

Trade safely!