JAN 26 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

 

EDITOR COMMENTS: 

 

CORONA VIRUS ON DECK!  DOW DOWN ALMOST 300 PRE-MARKET!

 

HOW MANY TIMES (THINK IRAN) HAVE WE SEEN A POSSIBLE INTERVENTION BY US TREASURY PLUNGE PROTECTION TEAM (PPT/CREEP STATE)… BUY THE US STOCK MARKET TO STOP A DECLINE?  SO FAR TONIGHT… NO INTERVENTION!

 

THE CAPTAIN HAS BEEN OUT OF GOLD SINCE 2012, AND KEPT SUBS LONG, ALMOST WITHOUT INTERRUPTION, SINCE $1080!

 

THIS IS BASED 100{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} ON THE WAVE COUNTS, NOT ON “PERSONALLY BEING A GOLD BUG”.

 

HERE AT 7PM SUNDAY NIGHT, GOLD IS UP ANOTHER $10, AND EWAVE SUBS REJOICE.  MORE TO COME!

 

HERE’S THE CAPTAIN, WITH HIS MIGHTY WEEKLY CHART COUNTS!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2020/01/ewjan2620gold.png  

 

Long Term Update:

 

Gold was nicely higher this past week as we reached a high of 1575.50, closing at 1571.90!!  The Corona virus is an unknown.  We all hope it’s under control, but what if it’s not?

 

Well, that’s why you own:  Gold Bullion! 

                                                                               

The Counts:

 

We are now rallying in wave *v* of .iii., and within wave *v* we completed wave $i$ at 1613.30 and we are now falling in wave $ii$.

 

Wave $ii$ could be complete at the 1536..40 low, although this low is a still bit short of our 50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level for all of wave $ii$.

 

Retracement levels for wave $ii$ are shown in our Daily Gold Chart.

 

In silver and the GDX, these markets have already reached their retracement zones, so the current low in gold could be all of wave $ii$.

 

Once wave $ii$ ends we expect a very sharp rally in wave $iii$.

 

Our first projection for the end of wave *v* and .iii. is:

 

.iii. = 1.618.i. = 1704.40.                  

                              

Active Positions: Long with puts as stops!    

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2020/01/ewjan2610si.png

 

Long Term Update:

 

Silver dipped to 17.59, then blasted to 18.12!

                                                                  

Within wave .iii. we are now rallying in wave ^iii^, which has an initial target of:

 

^iii^ = 1.618^i^ = 25.44.      

 

Within wave ^iii^ all of wave $i$ ended at the 18.89 high and we are now falling in wave $ii$, which has a current low of 17.59, which is within our retracement zone.

 

Our retracement levels for all of wave $ii$ are shown in our Daily Silver Chart. It could now be possible that all of wave $ii$ is complete at the 17.59 low and that we started to rally sharply higher in wave $iii$ of ^iii^.    

 

Longer term our first projection for the end of wave iii is:

 

iii = 1.618i = 26.09.   

 

In the very long term we completed all of wave III at 49.00 in 1980 and all of wave IV at 3.55 in 1993. We are now working on wave V and within wave V we have the following count;

 

1 = 49.82;

2 = 13.67. Note that wave 2 retraced 78.6{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave 1 rally.

3 rally has now begun.

 

Active Positions: Long with puts as stops!

 

US 10 Year Bond Yield:

 

Long Term Update:

 

The 10 Year US Bond Yield was sharply lower this past week..

 

We reached 1.670, closing at 1.681{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}. 

 

Institutional money managers are clearly concerned about the economy and stock market!

 

We are now working on the assumption that all of our wave (iv) correction is still underway as it has become a complex 3 wave pattern, that includes a bullish wave *b* triangle formation, which now appears to be expanding and extending. Wave (iv) could become just a bearish triangle by itself also now.

 

Once wave (iv) ends we expect a wave (v) drop to at least reach the 1.336{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} low but more likely the 1.00{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} level.

 

Active Positions: Short risking to 2.250{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}!

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2020/01/ewjan2620oil.png

 

Long Term Update:                                                                          

             

Crude was sharply lower this past week, to 53.85, closing at 54.19.!                                              

 

Within wave (b) bearish triangle, we are now falling in wave .d.. We expect wave .d. should at reach our lower red trendline that defines the boundaries of our bearish wave (b) triangle before it ends.

 

This level is around the 52.00/53.00 level. Wave .d. is expected to be a corrective pattern that includes at least one 3 wave pattern.

 

Wave .d. cannot trade below the wave .b. low of 50.52 for this current triangle formation to remain valid

 

Once wave .d. ends we expect another rally in wave .e. to complete all of the wave (b) bearish triangle.

 

We will take profits at the end of wave .d..

 

Suncor:                                                                   

 

Weekly Suncor Chart: https://captainewave.com/wp-content/uploads/2020/01/ewjan2620su.png

 

Long Term Update:

 

Suncor was sharply lower this past week reaching a low of 31.99, closing at 32.34.

 

Wave -c- of (ii) is complete at the 34.56 high and we are now falling in wave (iii).  

 

Longer term, our current count for Suncor is suggesting that we are now heading back to the wave a low of 13.10. We have completed wave b of B at the 42.27 high, and are now falling in wave c of B. This count is suggesting that crude will likely he heading back to the 26.05 low also, which is our preferred count in wave b also.

 

Wave c will likely be impulsive which means it will have a 5 wave structure on its way down.   

 

Active Positions: Short crude with a call as a stop. Short Suncor… risking to $36.00!                                

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2020/01/ewjan2620spw.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time high at 3337.77, although by the end of the week we had closed lower at 3295.47, as China’s government raced to contain CORONA virus!  

 

Our current count is that wave v of V is not complete and is now heading substantiality higher. We are now sure of the internal wave structure of wave v at the moment, but will work on its update this coming week.

 

Longer term our initial projection for the end of wave (iii) is:

 

(iii) = 1.618(i) = 3711.83. From there… well.. Wave Five could come alive!  The clouds are darkening!

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2020/01/ewjan2620usd.png

 

Long Term Update:

 

The USDX was higher this past week, to 97.74, closing at 97.65.

 

We are now waiting for confirmation that all of wave (ii) is now complete at the 99.33 high and that our wave (iii) drop has now started.

 

We need to see a sharp drop below our lower red trendline that is shown on our Weekly USDX Chart to convince us that al of wave (ii) is complete, at the 99.33 high.

 

Active Positions: Short, risking to 100.00!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2020/01/ewjan2620cdnx.png

 

Long Term Update:

 

The CDNX moved sideways this past week closing at 581.76.

 

We have updated our CDNX Weekly Chart to suggest that we are still falling in wave -v-, which has minimum target of 487.01, which is the wave -iii- low, before all of wave B ends.

 

We have updated our current short term count for the CDNX to suggest that we are still working on wave .iv., as it has become a flat type correction. Within wave .iv. we are now rallying -c- of .iv., which has a minimum target of 641.50, which is the wave -a- of .iv. high.

 

Once wave .iv. ends we still expect one more drop in wave .v. below the 487.01 low to complete all of wave B.

 

GDX: 

 

Weekly GDX Chart: https://captainewave.com/wp-content/uploads/2020/01/ewjan2620gdx.png

 

Long Term Update:

 

The GDX was higher this past week reaching 29.30, and closing at near there at 29.22!

 

We continue to rally in wave (v), but it looks like all of wave -i- of (v) is complete at the 29.87 high and we are now falling in wave -ii-, which has retracement level that are shown on our 60 Min GDX Chart.

 

We have now entered our retracement level for all of wave -iii-, so it might be possible that all of wave -ii- is complete at the 27.68 low, and that we have started to rally sharply higher in wave -iii-.

 

If gold heads back to the 1536.40 level one more time the GDX might revisit the 27.68 low again also.

 

Our wave (v) rally that has a current target of 48.95, which is the wave 3 projected target as follows:

 

3 = 1.618(1) = 48.95.

 

Our alternate bullish count is suggesting that only wave -iv- of (iii) likely ended at the 25.98 low and that we are starting to rally in wave -v of (iii) which has a target of 36.42.

 

Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops!

 

Thanks!

Captain & Crew