Will This Be the Third Monster Move in a Row?

[Jeff Clark's Market Minute]( Will This Be the Third Monster Move in a Row? By Jeff Clark, editor, Market Minute Can we get three monster moves in three weeks? Two weeks ago, we looked at the 60-minute chart of the Grayscale Bitcoin Trust (GBTC). It looked like it was only a couple of days away from starting a monster move one way or another. And we were leaning slightly [bullish](. Since then, GBTC has gained 27%. It hit our upside target in just over one week… Recommended Link [BUY… BUY… BUY… (Tiny $0.02 Crypto)]( [image]( On Wednesday, May 6, the independently ranked #1 most trusted person in cryptocurrency has agreed to share how to learn the name of his new #1 pick with you. (His last top pick returned a peak open gain of 151,323%.) [Click here to RSVP]( -- Last week, we turned our sights to the S&P 500 (SPX). The 60-minute chart of SPX had formed a “consolidating triangle” pattern. It looked ready to make a monster move within just a few days. The index could have broken in either direction. But, we gave the bulls a slight edge and figured the S&P could rally up to 2940. That’s exactly what happened. The S&P 500 tagged the 2940 level just two days later. So, we’ve seen two monster moves, in two different assets, in just two weeks. Today we’ll take a look at another 60-minute chart of another asset, and see if we can go three for three. Take a look at this 60-minute chart of the iShares Silver Trust (SLV) – which tracks the price of silver… Just like [last week’s chart of SPX]( and [the GBTC chart from two weeks ago]( this chart of SLV has formed a consolidating triangle pattern. SLV is approaching the apex of the triangle. So, it’s likely to break out within the next few days. An upside breakout projects a move to the [resistance]( line at about $15. A downside break will likely lead to a move towards $13. All of the various technical indicators (not shown) for silver are in neutral territory. So, neither side has much of an edge. But, my gut is leaning just slightly [bearish]( on the metal. Either way, since this is a 60-minute chart, and patterns on this time frame tend to play out within just a few days, silver should break out of the pattern this week. Best regards and good trading, Jeff Clark Reader Mailbag Today in the mailbag, Jeff Clark Trader members write in with their experiences… Hi Jeff! I decided to join the Delta Report after subscribing to Jeff Clark Trader. Your market calls have been remarkable! Scored a nice win on XLF, and it looks like the puts on SMH and XLK are going to be big winners. I’ve been reluctant to trade naked calls and puts, but your substantive knowledge of the markets has proven it can be done profitably. Yes, there will be losers, but proper risk management can minimize the losses. I’m excited to be a subscriber and look forward to a very profitable experience with your services. 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I’m working with a small account now and usually only trade one or two contracts. – Michael P. Dear Jeff, first of all, thank you for your invitation. I only got to know your trading style after signing up for Jeff Clark Trader. It was offered at $19 per year and was within my budget. After following you for a few trade setups at the beginning of this year, I began to grasp the way you approach the market and I liked it. Prior to that, I had also signed up with another trading service with the remaining budget that I had. I realized I was late when I wanted to switch to your other service because I don’t have any more to spare. If one day you are early to hand out pre-Christmas gifts for someone like me, please let me have an opportunity to learn from you. Thank you once again for your generous sharing. I love your trading ideas! – Pauline Thank you, as always, for your thoughtful comments. We look forward to reading them every day. Keep them coming at feedback@jeffclarktrader.com. 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