Silver taking the alternate path higher

In the course of not doing too much price-wise, silver has revealed a lot about its future course today.
Take a look at the below subminuette chart.  I tend to look at close-only line charts, since that's what is comfortable for me, but I keep a five period price channel overlay just so I know where the price extremes are.  In this case, you can see that we have new price highs in silver today which has several implications to my preferred counts.  First, the label 1 down is now invalidated.

Secondly, on the minute (below, upper) time frame, I'm now going with my prior alternate count as my new preferred count.  See my prior post on silver for the invalidated count.  That means we are meandering sideways in a wave 4.  It also means we are likely only in an (A) wave up, if this is still an ((X)).  That means we still need wave 5 of (A) up, (B) down, and five waves up for (C).  That's all assuming ((X)) is the count.  When I say if, I mean that technically the correction in silver could be over.  In that situation, we have a new bull market in silver underway.  That seems unlikely to me, but it's possible.

Summary:  We have higher prices ahead for this precious metal, but unlikely to make new multi-year highs.