ProuditalianI agree it looks like a perfect short squeeze. But those patterns work in a bullish or bearish trend and I fought with this as it is very hard to be sure. Why I think I'm right is because I believe that we have turned into a bullish trend from being bearish. Why because of all the buying that came in on Dec 07 (stocks) and the gold commodity contract has turned up on dec. 13 as I see it. If you can read my blog from middle of Dec. 2016. I suggested people buy gold as it bottomed and I suggested they cover too but I was a little early covering. I don't know if it is still on this site. As I have been blogging here since 2009 under Galena but they cleaned the slate and I came back on as Galena03.
Regardless who is correct I appreciate your reasoning. And you might make a $1.00 or so with this short.
Whether I'm right or wrong you sound like your are smart regarding reading the market from todays comment.
We can both win no matter, who is right as long as we are nimble.
If it drops below $1242.00 I will give you kudos and l'm always open to learning.
Ciao/Arrivederci