And what it is, is very puzzling. You can see on the chart below, just how well the arc has done its job. The left hand side was defined by multiple touches (highlighted). The right hand side has also been defined by multiple touches (also highlighted). The trouble is that we’re running out of time now. It’s breakout or fail. A move below 26 (on a monthly closing basis) would be a signal to dump all PM stocks and wait for the dust to settle. It would surprise me, after such a long time seeing this pattern build out (exactly as predicted), for it to fail at the final hurdle, especially given that I was expecting the big drop (and pattern failures) leading into the 7 to 8 year cycle low in 2023/24 (I say 7 to 8 because it’s very unlikely to be exact). Very nervous here, I have to admit…