I’m a little bit disappointed we didn’t get closer to $1400 on this latest rally, and there may still be a possibility we reach higher in the coming few weeks. However, I’m expecting the long running history of late December lows to take us through a very frustrating period. I’m sure there will be a lot of pessimism around and bearish articles. The dollar will, no doubt stage some sort of ‘relief rally’. I haven’t looked at dollar resistance levels yet, but it may begin to feel like we’re backing a loser here in the tent. If you look at the charts below, you can see that in the grand scheme of things, a drop to $1200 would be nothing out of the ordinary, and give us a higher high. That crucial symmetrical triangle has one last role to play – to draw price to it’s apex before the rubber band finally catapults price to $1550, with all that stored potential energy. That’s my working theory – we need to be mentally prepared for this. Now lets see how it plays out 🙂