[Update 5:20PM: A closer look at gold from a daily perspective in log scale.
Primary count is that the market is Minute [v] of Minor 1 down. It could also be the market is tracing a wave [iv] triangle. It'll take a few more squiggles to determine which it is. I'm leaning toward a triangle and the b of (b) of [iv] wave is playing out somehow
Today was a huge opening only to be completely reversed and retraced. It shows there are interested buyers but sellers still have control. Minor 1 will not be finished until sellers are exhausted.