Good catch. A decisive break of this 2-year trend is a significant technical development for Silver. It will be interesting to see if and how the cartel can continue to manage Silver now that the black boxes will be buying a lot more. Analysts including Cramer are forecasting $25 as the first price target and at a Au/Ag ratio of 52.5, this requires $1350 Gold - so prices for the twin shiny metals are well within reason and reach.

Coincidentally or not a similar triangular consolidation pattern exists in the Gold:HUI ratio. It's not yet busted down and out of the formation yet but resolution time is at hand. In my view the breakdown will follow the Gold:Silver ratio and this means that after 2 long years stocks will outperform bullion. Anecdotally many of the stocks I own have gained good traction lately (eg. TNX & CPN) and I expect the rest of the herd will follow suit in short order.

Point of all this scribbling is the outlook for ECU is very favorable going forward with tailwinds of not only a bullish outlook for Silver, but also PM shares in general.