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Sir Waz…I think you are overthinking this. EW in my mind tends to do that.
I am Biased towards Simple Chartology as you know .
This is what I see as most likely….1300 retest then reverse symmetry takes over .
I have learned never to ignore a chartology breakdown as pure as this one. Yes there can be a false breakdown , but the probability is far less than a real breakdown IMO .
I think you will probably be correct Fully. I see a lot of EW and Cycle theorists out there banging the table that gold is a raging buy. With interest rates on the march, and Europe a mess, I have to guess the dollar is pointed higher. And we know what that means.
Hard to argue against the charts sometimes Fully. Fair play.
Haven’t we seen many FBO’s as well?
This could be FBO. Confirmation of real breakdown when price trades below 1236 according to EW invalidation of bullish count. There is a bearish wave count as well which shows the cycle wave b is complete in a triangle structure.