Silver took out 28.445 last week and jumped to as high as 30.79 before forming an temporary top there. Initial bias is neutral this week for some consolidation but retreat should be contained above 28.445 support and bring another rally. Rebound from 26.07 should at least be a correction to fall from 37.58. With 38.2% retracement of 37.58 to 26.105 at 30.488 met, the next target will be 61.8% retracement at 33.19.
In the bigger picture, price actions from 26.15 should merely be a consolidation pattern only. Current development indicates that it's still in progress with rebound from 26.105 as a leg. After all, we'd stay bearish as long as 37.58 resistance holds and expect fall from 49.28 to extend lower eventually.
In the long term picture, the main question remains on whether 49.82 is a medium term or long term top. Current development is favoring the latter case. Though, we'd prefer to see sustained break of 61.8% retracement of 8.4 to 49.82 at 24.22 to confirm. Otherwise, price actions from 49.82 could merely be developing into a sideway pattern.
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