I think you have a pretty good idea there, blue line on my chart corresponds around 118 on GLD, i do think prices rebound earlier without having a tecnical impact on charts (low of the body on weekly candle is on this level for the previous low, that is why i have green arrows too), but i will be following SLV and GDX for better measure, the latter is already closer to the double bottom so might give the momentum too.
Haha! i think it has time to come back a little, as long as does not cross red box (Daily EMA21) there is no confirmation of bounce so continues to drift lower for a purple box target (also BB- weekly). What markets does next week it's an important factor too i think. Happy tradin!