So far, so good. No guarantees, but this is my current, favoured, most likely scenario. There are many other scenarios of course, and the PM bears will laugh at this. I see a huge, bullish, flag, with a near perfect consolidation at the bottom of the flag. If my thesis is correct, the move up, and out could be very quick. I’ve drawn up some charts to illustrate my thinking. Bull flag going all the way back to 2001. Bullish indicator crossovers all over the place at the end of a pretty convincing, near symmetrical bottoming process. I’ve projected some horizontal resistance lines that we need to break through, but the power of the cyclical nature of markets should start to win out here. As I said, no guarantees, so we need to look down as well as up, but let’s see what the next few weeks bring.