I noted the other day that the dip in October wasn’t deep enough to break the cycle trendline. That caused me to speculate that October was a half cycle low and that a full cycle low was still ahead of us. It looks like we are heading down into that DCL now, and the trendline will be broken before the cycle bottoms.  

The attack on the gold market last Thursday has probably prevented gold from rallying as it should during the dollar’s drop into its DCL. This is one reason why I’m hesitant to trade gold during this basing phase. It’s so hard to anticipate when a manipulation migh derail the normal market behavior.