A difficult day for those who are short gold. Despite the retracement having gone 0.9 of the wave 1 I still hold the bearish stance for gold (though now it is a lot more difficult to do after such a bullish day). In most cases, you can count waves both ways. Here I take some confidence from the fact that I actually anticipated that move. Shame, I did not expect it to go that far and I did not deleverage to take advantage of my knowledge.