Although GLD & AG sold off this AM, GLD hit the same down trend lower channel line it hit on Thurs and is bouncing nicely off of it. AG, which is near a bottom formation breakout level at 10 is back up where it ended Fri. Let's see if GLD it can get out of the downward flagging channel over the next day or so that its been trapped in since 11/14. The downward flagging channel is normally a termination formation like a diagonal triangle and the count is currently at least 6 waves down in that channel where it can bullishly terminate if it manages to move out of the channel.
A lunar bottom is scheduled for 12/13-12/14, coincidentally the Fed mtg dates, which is still a bit away, however, it never got the bounce it should have gotten at the last lunar minimum and was closer to reaching a bottom on the scheduled high on 11/29. Its possible that we get out of the channel in the next day or so and put in a shallow H&S bottom over the next week where it should be weak until 12/13-12/14.
Going lower than this AMs low would be troubling.