Silver at an interesting juncture

I don't have silver on my bigger picture page yet, but it's now at a very interesting point, so I wanted to discuss it.

On the minute chart (daily - upper), we see the initial (A) wave down which was essentially a mini-crash off the highs, a (B) and a (C) which took the form of a diagonal.  Here's where it gets interesting.  The correction can technically be over, but for that to be confirmed, what do we need to see?   Five waves up.  So far we only have 3 waves, one of them extended.  So it's either A-B-C or (1)-(2)-(3) and we get a new high.

Now look at the lower chart of the lower time frame.   We have five waves down, which can be a 1 or an (a).  I've shown where the prior 4th wave was, which should ideally contain a wave (4).  Note also, that a five wave move is invalidated if it trades below the top of (1).

To summarize, we could be setting up for another (A)-(B)-(C) down in silver, a move which began at midnight on 7/19.  Conversely, we could be setting up for new highs.  We'll know which very soon.

I feel like prudent thing to do is to wait for a trade below 34.04 in the SLV.  A low risk short position can be taken after the next (A) and (B) are completed.  A more aggressive strategy would be to short on the open in the morning, and cover on a move above the 7/19 high around 39.69, or leg in and get partial satisfaction from both strategies.  Again, not a recommendation, just how I'm thinking through a potential trade.

BTW, on the weekly TF, the prior 4th appears to be around 26.54, so my bias is with ((X)), not with new highs from here.  I plan to show the weekly count in the Education section soon when I go over wave counting.  I'll also post it in the Big Picture section at that time.