Starting to feel like a game of pinball here and it’s certainly been the year of the triangle. How many more bounces do you think we can have before we hit the apex ? There are two triangles I’m watching. The one off the late 2016 lows…

Or, if that support is breached, the one with support drawn from the late 2015 lows…

As I say, I reckon an eventual upside resolution has around an 80% likelihood. The more I look at those 2 charts, the more I think a test of support on the larger triangle at around $1180 is likely – it just has a nice look and feel to it. I think it depends on a number of factors and whether gold/PM’s have to endure much of a headwind, or whether the commodity cycle and/or SM downturn kick in (along with a million other factors). The overarching theme of an over-extended SM, dollar decline and commodity upturn should steer us upwards though. The further and longer we stay at depressed values, the more violent the upturn will be (in my honest opinion).