Charting the Future of Silver

I am looking at the chart of iShare Silver ETF (NYSE: SLV) today, and find something interesting. 

Looking at the 'big' picture, which is about 3 years data on SLV, there appears to be a big ascending triangle.  The top of the triangle is at ~$19, the base is at around $8.48.  This BIG ascending triangle is still ascending, but there is no break out yet.  Based on Guppy's theory, if the ascending triangle breaks out, we can expect a price movement of $19 - $8.48=$10.52 up.  That is a best case scenario.

Inside the BIG triangle, there is also a small ascending triangle.  The top is the same $19, the base is at $14.70.  So if the price breaks out, we can expect $19 - $14.70 = $4.3 up.  It is not as good as the $10 up, but still not too bad. 

How will SLV price move in the next days?  I don't know, but I will monitor closely whether it can break through the $19 resistance and advance toward $23, or even $29.  Well, time will tell.    

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