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The Power of the Pattern reflected on 7/19 in the above chart, that Silvers pattern suggested an upside breakout was close at hand and a rally of 10% could take place on an upside breakout (see post here).

Below is an update on Silver ETF (SLV)

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As mentioned above, SLV has had a rough year plus, falling over 40%.  SLV is breaking above short-term falling resistance line and has rallied 4% since the 7/19 post.   This breakout should be good for it in the short-term as bullish sentiment remains fairly low at this time.

In the medium to longer-term, falling resistance line (2) should remain a tough nut to crack for SLV.

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