I'm out, actually I will probably short it for next week, pending a close below 1215, which Armstrong gives as a critical price.
But check this out:
This goes back to the all time high. Obviously it could break, and obviously it will some day, but if it closes below the 1215, I'm assuming it will not break right now.
here is his image:
I think he's implying it will hit that green line at the bottom, and that will be the legitimate low and it will take off from there. Maybe it will only take a few weeks to hit it, or maybe it will take 6 months. The next major turning point on a quarterly level is 3Q 2017.