Well there's the daily chart for SLV for the last six months. Take a look at the peak in August of $42.63 and the all-time high of $48.35. What we are waiting for is that down trend line to be broken to the upside, hopefully. Next focus in on the last four trading days which have been under $40.50 a share. You can see two touches of the 40 day moving average there. You can extend that line back and hit almost perfectly the low point in July at about $32. That up trendline is wedging prices up against $40. Just stare at the chart and try to see triangle formed by those two lines going all the way back to May.
There you can get a look at the tip of the triangle in the 15 min. chart. You can see the double top just underneath $43 and the double bottom at $38. When viewed in the fifteen minute time frame that small triangle looks fairly significant.
So, a triangle is formed by two trend lines one ascending and the other descending. The prices are trapped between two trend lines which are going in opposite directions. It is a situation which obviously cannot continue forever. It looks to me as though our triangle is ready to break soon, maybe tomorrow.
Right now we are long SLV a full position with no stop. The reason is because I believe that the path of least resistance in both the long and short term is up. I believe tomorrow we will find out if I'm right.