Yes, weekly charts give a different perspective. Though I'd call 23.70 the next Lower High on that chart, and we just went a bit above it this week to 23.84. When do you think the Downtrend from 48.35 will be broken? At 25.18? At 31.42? Still, I don't think SLV will ever go below 17.75 again. Time will tell.
The 25 level looking pretty important. It's been a Major Support Level since December 2011 (now Major Resistance), and the 200 day (40 week) Moving Average is there to be crossed, if SLV can keep rising.
In the shorter time frames, SLV is definitely in an uptrend, although, looking at the higher time frames, SLV is still in a very pronounced downtrend. The current rally that is taking place is likely nothing more than a bear market rally, which is perfectly acceptable and welcomed, as it gives traders an opportunity to enter short positions at higher prices and enjoy the next collapse in price. The same goes for GLD.
Speaking of time frames: Many believe Gold and Silver have been in a Secular Bull Market (17+ years) since 2003, and the last 2 years have just been a Cyclical Bear Market within this longer term Secular Bull Market. Some extreme Precious Metal Bulls even talk of one day seeing $12,000 Gold and $600 Silver...
Trends within trends, the never ending vicious cycle of charts. Noticing the end of one and the beginning of the other is what it's all about.
The failure of one confirms the success of the other, at the present time none are failing, therefore, more data is required, but statistically the bigger trends take priority.
I don't like to comment on my positions if I did not post a timely entry, otherwise it gives me ET complex Assume I'm watching.