this is by przemyslaw radomski, a market technician (someone who tries to predict the market by reading tea leaves or interpreting goat entrails) and he is bullish on silver for the long term:

On a multi-year level, silver looks very bullish. Decent symmetry and the enormous size of the "cup" are really impressive. This pattern does not tell us whether or not silver has reached the ultimate low yet. It does not tell us, whether or not we will trade sideways for months. However, it does tell us that when this formation is complete, the following move should really be substantial.

Of course, this pattern could be invalidated, but silver would need to truly plunge (below $7 or so) and stay there for many weeks, to make this chart look bearish. I view this as very unlikely. Besides - for the secular bull market to turn into a secular bear market there must be a change in the fundamental situation on a particular market; even a powerful technical pattern is not enough to do it. The main implication that this chart has for long-term investors is that no matter how low we will go temporarily, silver will most likely bounce with a vengeance. This means that if you don't have to sell your silver in the next several months/years, then it does not matter much for you, how low silver will go temporarily. You can therefore just sit back and relax, or (even better) use a part of your capital for speculation (diversifying strategies) to make money along the way.

http://www.kitco.com/ind/Radomski/ap...