I’ve reproduced December Gold’s three-minute chart in a size intended to make you squint a little, that you might more easily parse the visual logic of the correction from Monday’s highs.  Can you see how taking those few steps back helps isolate a “good” pattern so that, paradoxically, its imposed smallness makes it seem all the more compelling? This technique goes back to a point that I have emphasized repeatedly in the seminars and during tutorial sessions — that in general we should try to favor the visual over the technical so that we don’t become bollixed up in nettlesome ‘k-A’ calculations, cagey impulse legs that may or may not be just right, and ABC coordinates that mock or disparage The Rules.  Thus do we find a ‘P’ midpoint here at 1336.70 that could be useful to night owls interested in bottom-fishing. (Some may also get the feeling that the sideways action of the right-most three hours distracted the downtrend from making a reliable beeline precisely to 1336.70.)  It’s yours to use, and I’d suggest an initial stop-loss of five ticks. If it’s tagged, however, brace for more downside to as low as 1329.60. Alternatively, a  thrust today touching 1344.90 would signal that the bulls are ready to run. _______ UPDATE (10:49 a.m. EDT): Gold easily broke through 1336.70, telegraphing the weakness that was to follow.  The relapse eventually found a bottom at 1328.10, but not before taking a $6 bounce from $1329 on the way down that could have yielded a trading profit for anyone who went bottom-fishing at 1329.60.