In the chart pauly posted you'll see the silver price was...

In the chart pauly posted you'll see the silver price was recently correcting and now the price is capitulating down rapidly. This is a common pattern for low. While the price could seriously breakdown now, I expect it will find support at the December 2011 low of $26.39 thereby making a double bottom. This should provide the springboard for a 20-30% rally.

However, a breakdown is a virtual certainty. Assuming it doesn't breakdown now (a big assumption), once the rally is over it will be steaming back down as double bottoms rarely end trends.

Personally, I think the 2008 high of $21.44 will be where the price finds support for a final pullback low later this year or early next year. That is when the final blow off phase should commence.

My opinion only.

El Capo