After a crash such as Silver experienced in May, there is most commonly a capitulation type of bottom followed by a strong rally. For example, SPX capitulated in March 2009. Silver never capitulated, but rather the lengthy period of sideways trade from mid-May to mid-July seemed to absorb the selling pressure sufficiently to bypass a capitulation.
The end result is that Silver could have one additional push higher in coming days due to the larger cycles in place. From my point of view, the cycles for SPX are very negative going into August 10th +/- 1 day. Lately Silver has been inversely correlated with SPX, therefore, Silver could be setting up to push higher into the 10th.
However, due to the larger cycles, this also means that Silver topped in April, and a major lower high could complete by mid-August with a steep decline to follow.
The picture for the US Dollar is the opposite. There are clearly serious problems with fiat currency in the long run, but this is not the time for a real crisis in the US Dollar.
After the topping process is complete, extreme weakness is anticipated for Silver. With some small bounces along the way, the target is $18, and eventually much lower. Ultimately, I see all of this being the early stages of a long term bull market for Gold and Silver.