We have a very big descending triangle pattern forming and we are getting very near the apex. The big volume bars back in April last year make the volume a little hard to see. The yellow line in the volume section of the chart is a 50 day average and you can see that it is falling over the last few months. This is normal for a triangle pattern and indicates buyers and sellers are coming into balance. The price bars indicate the weekly short term trend might go neutral this week, depending on where we close. There is a very clear triple bottom within the triangle formation. That could support a significant move up if SLV is able to break that upper trend line. Lets have a look at the daily chart.
The 18 SMA is starting to turn up so this chart is clearly improving. Just like GLD there are some significant moving averages over head, so an up move from here is likely to be pretty bumpy. It looks like it wants to go up in the short term, but there is a lot of work to be done on these charts before pronouncing the final bottom is in.
Bob
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