Just to expose a little more of my process, this chart represents what I had *thought* might probably happen in this gold correction. This is a very oversimplified representation, because I also thought we might be making this low around February 4, but I was too lazy to draw in the extra bars to show that scenario as well. But you get the idea.
It appears that the troubles in Egypt have given the lotus eaters a bit of a wakeup call, and so it was risk off on Friday. That is not to say the correction in metals and the ramp in stocks could not start up again next week, as this ersatz capitalism has a wonderful tendency for convenient forgetfulness when it suits the plans of the monied interests.
The shame of this market is not the occasional fraudulent element so much as any complicity in this greater degree of deception by regulators, politicians, and the bankers misusing public funds and trust, taking from those whose only desire in life is honest work and raising families, with a little comfort, safety, and happiness.
In other words, markets will always have some criminal element, some minority inclined to fraud. But when this tendency becomes general, and corrupts those designed to protect and advise the public, sooner or later there will be justice.
And with justice delayed, too often the trappings of hell and bad karma come with it. This is what we are starting to see today in far flung places around the world. May God have mercy on us.