Bulls might be wondering what they did to deserve such brutal punishment. Why can’t gold, which is in a bull market, rise relentlessly like the FAANG stocks have been doing for years? The answer is that gold’s bull market is in its adolescence rather than in a hyper-extended blow-off. If it’s any consolation, the two day plunge that ended the week failed to wipe out even half of February’s strong gains.  The correction probably has at least another day or two to run, but I’d suggest using the pattern shown to get a handle on it as the new week begins. You should have noticed that the futures stopped a split-hair shy of a key resistance I’d flagged at 1977.10, demonstrating yet again their propensity to turn at price points so stupidly obvious that experienced traders are scared out of believing they will work. The best way for us to leverage this kind of group-think is to focus on ‘counterintuitive’ set-ups in particular, since they harness our own fears to make hay with contrarian ideas. _______ UPDATE (Feb 28, 9:08 a.m.): Here’s the same pattern, but with ‘C’ adjusted higher.  Unless the new ‘C’ at 1935.20 is exceeded, the pattern should still work well for trading and analytical purposes.