Here is a busy, busy chart of SLV as representative of silver.
For various technical reasons I expect a bounce in silver here.
A few months back I predicted a bottom in silver off of support at the breakout from August of 2010 at about $19. We have had that and have retraced back to where we started. The character of that retracement leads me to believe we are in a range and can expect to go back to the top of that range. If we return to the top of this range the price will break another downtrend line as time goes by with sideways price movement. Time is an important element in trading.
I notice that silver and most commodity prices backfill price gaps. We still haven't filled the price gap down from $25.....
This qualifies as bottom picking. Always an exercise fraught with frustration and risk.