January 19th Update

Silver

Well, I suppose it's time to eat some crow.  Silver blew through the resistance level that invalidated my working count before reversing lower today.

Having said that, the point isn't to always be right (though that certainly helps), but rather how to react when you realize you are wrong.

Here is a 2H chart with re-factored short term wave counts.  I zoomed down a little bit further in order to figure out where I might have missed something.  I generally don't like to have to keep track of too many time frames, as it starts to become information overload where you're not sure what to pay attention to. 

The key is the move down from the 1/10 high, which I have labeled as minuette degree wave (iii).  We see three waves down, followed by three waves making a new high, followed by a five wave diagonal down to 25.421 on 1/13.  My new preferred count has this all as part of minuette degree wave (iv).  In other words, the five wave move down which I had previously shown as a first wave is actually a C-wave destined to be fully retraced by the next impulse wave.
Where I got thrown off track in my prior analysis comes from the moves following the diagonal in (iv), which occur in three-waves.  We have a three wave a-b-c up, followed by a three wave a-b-c down.  When we received yet another three wave a-b-c taking price to a new high, I realized where I went wrong.  What we have is an ending diagonal pattern of subminuette degree in progress.
So now naturally I'm asking myself if I should bail on my short position.  The first thing I needed to determine is how much longer it would take this formation to complete.  Based on the time it took subminuette waves i, ii, and iii to complete, I'm estimating either end of day tomorrow or at the very latest Monday for wave iv.  I figure the very longest it would take for the final wave v would be by Friday of next week. The next factor is how much higher will price go.  We know that iii topped out at 30.9 pre-market today, and v will exceed that.  We also have a ceiling at 31.5, which is where minor wave 1 down ended on the higher time frame (see the daily chart below).  Wave 4, which is what this likely is, cannot overlap wave 1.  If it does, well then this is not a wave 4.  I very strongly believe it is, however.
So we're looking potentially at 1/27 and a level between 31 and 31.4.  When I plug those variables into my risk profile graph, it basically tells me that I'll need SLV to trade down to the 28 area by 2/10 to break even, and to 27 or lower to get interesting.
While I could close out this trade at the bottom of subminuette degree iv tomorrow or Monday, and simply wait for wave v to near completion and re-establish a new position, I think I'll just leave it alone. 
Worst case, I'll take a small loss.  Possibly I'll break even, but I could even end up making money.  The best part is, I can still put a March position on at the top of wave v with a higher strike.   I think between the two, I'll come out ahead.
Here is the daily chart for your reference.

GDX

Unlike silver, GDX has been relentlessly selling off since the 1/12 high completing minor wave iv.

There is nothing to do here other than let the trade work.  You can see we're almost right on top of the lower boundary of the linear regression channel.  I don't think it will provide any support, however.