Gold popped up this morning, but my take on the intraday pattern is that it is wave C of an abc rally. The last two days look very much like a b wave triangle. This action continues to support the bearish case, however trying it has been to maintain that stance.
The Qs appear to have completed 5 waves up from the August low, so today's rally is either wave c of an upward flat correction, or wave i of the next wave up to new rally highs. I am going with the latter and have an order to buy the QLD on a wave ii pullback.
The SMH looks like it will retest the August low at this point.