We have a potential bottom here using this analogue.
I'm not a 200 bar moving average aficionado, but it touched that long term level in this pullback.
You can see that there was Key Accumulation from $12.50-$13.50 in silver because there are 19-20 months at those levels, which is a SUBSTANTIAL amount of time before the launch higher to $50/ounce seen in 2011.
If we stop out just under that level, then we put the odds in our favor with a nearly $10 upside potential to the "least traded level in Silver" at $25, up from the highest traded level in silver at the $13 level.
Silver rallied to $21.11 from $14.50 (nearly $7 or a 50% rally, while only dropping to $13.5, $1 or 8%, I like how this trade has gone... nearly 6:1 upside versus downside so far.
Since peaked and now settling back recently to $17.08 low, we can take another look and try to figure out if we can press our long position here or decide to walk away from this trade. Here's what I see now: $VIX spikes correspond to higher and higher levels in Silver, which alerts me that silver is accumulated and ready to rally. When Silver was in a bear market, it would fall to lower levels on each spike. That is a sign of a broken market, or a downtrend.