SLV Update

Yesterday the FOMC statement cut our SLV pullback a little short, today it's seeing some downdraft.

 The white line is the area of resistance, it had cleared it earlier, but it's pulled back since so it's now once again resistance

 I expected a pullback a little deeper, closer to the blue line, we didn't get that, perhaps SLV is going to finish up the pullback, or more appropriately, correction. Remember, it can correct through a price pullback or laterally through time.

 The 60 min chart still looks strong for the trend in SLV

It's the 1 min chart that's been showing profit taking. This could change later today, if I see it, I'll let you know. Otherwise, it may just want to correct a bit more before starting a new leg up which requires resistance be taken out.

If you like the trade, then any pullback could be used to accumulate shares. Or you can simply wait for the confirmed close through resistance. It's a trade off between a little more profit, but an unknown wait ad some uncertainty and a little less profit, but a greater degree of certainty. Each trader has their own risk tolerance. I'm available as always if you want to email me about this or anything else.