Silver chart is looking good right here.

In recent posts I have been wondering if gold has been forming the D wave of a horizontal triangle.  I think whatever happens that gold, silver and miners will all move in about the same way.  So this post is more fuel for the "gold's D of 4 is done" fire.  In other words, expect a nice rally that could last for a month.

What I see in the Daily silver chart (lower left) is that there is a clear support line going back to Dec 2013 which was tested 3 times with success while breaking through on the 4th test just recently.  That 4th test just to the left of the blue circle happened during what I count to be a 5th wave down.  So that right there implies a bottom of some sort.  But even more compelling to me is the fact that this support line, which was turned into a resistance line by getting broken down through., was smashed through to the upside recently (see blue circle).  Breaking back up turned this line into stronger support than it was before.

Not only did the chart move right up to that line from below and then pull back a bit before gapping back up through it, it subsequently back-tested that same line from above.  If SLV breaks back down below that line that I will be expecting nothing but pain from metals and miners for awhile.  If it cannot hold that lower orange line, many will assume it is a head and shoulders breakdown in which case the target price for silver would fall to $15.
 
Assuming that SLV can hold that line and move up, the next resistance will be the down-sloping orange line which has been in place since Aug 2013.  If this line breaks out then more upside is to be expected from M+M.