Silver has broken its 4 hrtrend line and will either pull back for a flag and continue on its journey. However if it comes back hard and steep I will expect further downside as a larger degree correction.
Over all I am bullish but need some clarification before adding to my long.
Price action is forming a flag as predicted. Look for a strong move and close above the 1 hour trend line. That will be an opportunity to take a long position. SL should be placed below the lowest point of the flag.
No break above the 1 hr trend line and a strong move below. It is looking like there may be more downside on a higher degree.
We are in an area to start looking for a reason to go long.
I feel we are getting close. The indicators are starting to show a slow down in momentum. I am looking for some conformation before entering a trade. That being said at $16.00 I will probably take an entry depending on how it looks. I would like to see a bit more flattening out of the curve on the LTF. I would also like to see it get closer to the daily trend line (green). The next move up may not be the big one as it may look for a z wave, but there is a nice profit between now and then.
I don't have a target on the down move as I am looking for a buying opportunity.
I have readjusted my 4 hr TL and will look for a break of this and a correction before adding to my position.
The closer the down move gets to the .618 fib and the daily TL the better the opportunity.