Where is Larry going wrong?

As gold is reaching 1,700/oz, I have decided to study carefully why Larry is so bearish. Fortunately, he published his Technical Analysis. I do not know how he gets his cyclical trend line, but I know that's how he gets 1,727.70 breakout point. The underside of uptrend line predicts a slightly lower breakout point, but this estimation is approximate.

When I began to compose this text, gold was listed at 1,695 and silver at 32.137. Thus, silver is already past the breakout point.

Why is Larry wrong? Because he envisions that the FED will not act unless the situation gets dire. And he figures that no one but him sees the QE coming. However, traders are already betting that QE will lift gold and silver prices.