Someone in the chat room asked whether a bear market target at 185 proffered here in mid-June was still valid.  The Gold Bugs Index was trading around 261 at the time, so the forecast was quite bearish. Unfortunately, the picture looks pretty dismal at the moment, notwithstanding the presumptive dead-cat bounce that unfolded in July. That rally has very nearly been reversed by the steep fall of the last two weeks, generating a new downside target at 188.28 in the process. Yesterday’s decisive breach of the target’s midpoint sibling at 225.56 has shortened the odds that 188.28 will l be reached. Traders should therefore position from the short side, using a snap-back rally to the midpoint to get short.  This should be done via camouflage, since there’s always a chance the rally will surprise us by blowing past the red line.