Lance, silver is in a in between place but more bullish than bearish to me.
On the daily trending, it is within a larger configuration that models down to between $26.50 to $28.00 silver. Ouch, scary!
However, looking at the shorter timed charts for advance clues to directional change we saw that move projected by the daily chart partially negated but not 100%. Keep it in the back of your mind.
Further on Tuesday at 10 minutes to close, more confirmation negating the daily projection came then proceeding overnight silver did a major reversal and on the hourly chart and it is currently projecting up to $40.77. As long as silver remains above $38.53 the probability of moving up to $40.77 is very high. If it falls under this price, $36.67 is the target.
Going into Friday and thin trade during an august, i don't expect much action and for it to trade either side of $38.53 by 20 pennies or so, but things don't always go as planned.
That thrust on Tuesday was very powerful. Gold has only pulled back a few percentage points after a major margin increase. I think these things say next week is a continued move up and we are now into prime Diwali buying season. The Indians rush in and buy starting next week. The problem is Indians are price sensitive and will they turn from gold at a $1800 high and go to silver which is way under its highs? I'm still partially worried, short term, about the silver and gold divergence but not worried long term. Chinese harvest is a few weeks away and they put money in PM's. So, I'd say a floor was under here fundamentally but we need to continue to watch the charts.