The Gold Bugs Index looks very likely to fall to at least 402.46, the ‘D’ target of the pattern shown. The p midpoint support of this authoritative pattern lies at 433.38, and because it has already been exceeded by six points, it is probably just a matter of time before the implied 8% drop gets under way. Bulls would get a reprieve and perhaps a new lease on life with an impulsive rally that exceeds the two labeled peaks, but anything that falls short of that would likely be just noise.
