The daily chart for SLV shows our triangle consolidation pattern forming. A few days ago I mentioned I would like to see the 29 area hit which was the bottom rail of the triangle. Today we hit 29.14 and we are getting a bounce. I can’t emphasize how important this bottom rail is for SLV and the rest of the PM complex. If the bottom rail can hold and we rally up thru the top rail at some point in the near future this triangle pattern will be a reversal pattern. Right at this very moment it is still classified as a consolidation pattern. Patience is a hard rule to follow sometimes.

SLV daily look.