I clearly think silver is in a . If the 100 holds as support and we travel sideways out of the triangle or continue upward then this chart and scenario is negated. The 500 and 600 EMAs are potential targets and at this point it would be anybody guess as to which will be the final resting place. I'll be looking for high when price action meets one of the EMAS/SMAs before I get comfortable. The easiest reversal of all time to grade would be if the price action hits one of these EMAS right as they hit the rising purple support line.
If the 100 falls as support I see a multi-year period where the 20 EMA/SMA will act as resistance which sets up general repeat of the black oval showing price action from around 1987 to 1993. There may be a break out attempt above the 100 as buyer continue to exhaust themselves as price action thrashes around the 20EMA/SMA/Bollinger band baseline but over the course of a year or so the 20 will become resistance.
You won't have to worry about missing out on this trade if I am right. Once the 20 asserts itself as resistance you will have many chances to short this over the next couple of years. I am going to be in in short silver ETFS for the next couple of years, at least. I'll take profit at the lower limit and look to reshort the 20 or top of the . You can trade as you see fit; this isn't financial advise.