As the alcoholic in this scenario, I say confront her and let the chips fall where they may. I wish my parents had said something to me. I might have gotten my **** together a lot sooner. You can't get her well but ignoring the 'elephant' is not good for you. If your wrong and she's still sober then apologize. Tell her you did it out of love. But I wouldn't be too concerned about her feelings, IF your gut is telling you she is drinking again.
Sleep on it and talk to someone else who knows her, if you can, before confronting her.