The chart is suggesting that Silver Wheaten, a good proxy for all Silver stocks, is the weaker link, so better to short the equities than silver itself.

The chart also suggests that Silver itself may soon start to correct significantly too, as mining equities tend to lead the moves in the underlying commodities they produce, both to the upside, and in this case, the downside.

But as Trades suggested, it might be premature to short SLV at this point as the trend channel remains intact. The ratio chart is an alert to watch closely for a breakdwon of that channel support. So wait until you see the whites of their eyes before selling that one, or take a small nibble now with close stops above the top channel line if one is more aggressively inclined.