@Goldhedge I think we closed the day right at one horizontal support area. (Draw a horizontal line from today's low back to earlier support in late January), but it doesn't look like strong support to me. I think the line you drew is indeed the most obvious support area, without resorting to fibonacci. JMHO.
Last CoT was dec 18th and funds were going crazy adding longs, commercials and especially banks getting short. It's reasonable to assume this has continued with goldies $40 higher.
Techs and pattern are very bearish, imo
Hence, I would have to think the next significant short term move is down, with 1330 or so still on the table, but 1296 top of the box.
That said, my orginal thesis was summer july low (came two weeks late august) with april/may 19 being the next significant top before the next big sell off. So it could take a while to play out. Hence why i was still debating.
1251 is the major historical pivot between upper and lower boxes (1197-1269). last year august, spring board off it. this year failed and 1215 is next bounce that gets everyone excited. that's because 1215 is small pivot to lower box
I posted that for @engineear to see whether anyone anticipated what happened. Or maybe I was lucky, but not *only* lucky.
When people say how can you use charts in a rigged market, I always think that you probably need them more in a rigged market than in a non-rigged market (even if one existed). In fact, charts of a rigged market show how a rigged market works. And these rigged markets have always been rigged. A chart charts that. How would one approach a rigged market without charts to see how it works? Anyway, that is my thinking on the matter.