Market Update on Steem/USD & Silver (SLV) 1/18/2018
Nice sweep from the near bottom on Steem/USD yesterday and follow-thru on the overnight. Upward move should be stronger today with an important decision level at 4.76 and I would watch how buyers/sellers react at that price. The break-out price indicator will be at 5.27
I have silver in a chop zone for the rest of the day going into a tighter range going into the close. The thing to watch will be if we end in a triangle or a wedge and what the orientation of it will be as we will have an expanding channel forming on Friday so we want to know which direction it will go.
I have timing for a decision at around 3pm EST. If we see price may an impulse move to the upside at that time then we are going to see it make the next hard move to 5.27
Watch for a drift to the upside for the rest of the day. I don't have timing for an impulse move until the 22nd so you want to be patient and scalp it.
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