Alright, well we've been waiting for a strong move one way or the other, and it looks like we got it today. But this is looking like a washout to me here. For one thing, both gold and silver have RSI's at 30, and miners are trading at absurdly low historical levels relative to bullion.
I don't see an immediate recovery, but I don't see a lot of downside either, and if we fall another 3-5% or so I'm looking to buy calls.
I drew the bottom of the (perfectly) parallel downward channel since April 2011 as a dotted line, because I don't think it's in play: too many strong levels of support would have to be violated. The ~$22 level, where the dotted bottom of the descending wedge hits a long term trend line sometime this year, however, is a nontrivial possibility, I suppose.
I should also add that it's not *impossible* the bottom is in today. Evidence for that is the gold silver ratio:
As well as the 3 year silver weekly chart: