DEC 30 EOD UPDATE

Dec 30 EOD COMMENTARY FOR EWAVE SPECULATORS:

Gold:

 

Gold finally broke and looks like it will close above the down trend line connecting 1238.90, 1223.80 and 1199.10, which gives us great confidence that wave .ii. of iii ended at 1170.80. The market may test this trend line, WHICH IS NORMAL, and we think that the gold bulls are finally getting the upper hand in this market! As gold moves higher we will provide some projections for the end of wave iii in the days ahead. We will move or stops to 1170.80, if/when we trade above 1238.90.

Crude:

We provide this commentary in today's Morning Post on crude (new comments in black, based on today's day session trading):

We are making a change to where we think our wave -iv- of iii triangle formation ended. We think it now ended at 56.58. So we are now in wave -v- of iii and from the wave -iv- high of 56.58, wave -v- looks like:

.i. = 54.52;

.ii. = 55.73;

.iii. = 52.72. Note that .iii.=1.618.i.=52.40;

.iv. = 54.22, if complete

.v. to go to complete all of wave -v- and iii of C.

Crude is very close to a major turn up in wave iv!

Nothing more needs to be said!

 

S&P:

We posted a 10 min EWave chart of all of wave (v). Based on this chart believe that the S&P has topped. St comments: A lot of the gold community of the West may be about to be incinerated in the SP500, while I laugh my head off. Back to the Captain: Please review the previously posted Long Term EWave chart and the current 10 min chart to get our take on this market. The pictures are much more powerful than any words that the Captain can have on this market.

We are now short 2 positions risking 10 ticks above the all-time high.

 

HUI/GDX:

 

See today's updated GDX 60 Min Chart. It looks like wave iii is subdividing very nicely, as follows:

-i- = 18.91;

-ii- = 17.16;

-iii-:

.i. = 18.48;

.ii. = 18.76

.iii.:

*i* = 18.71;

*ii* = 18.43, if complete.

The rally in the HUI/GDX should start to pick up steam next week, when most traders return from the holidays.

 St comments: The rally in the HUI/GDX should start to pick up steam next week, when most traders return from the holidays.

The rally in the HUI/GDX should start to pick up steam next week, when most traders return from the holidays.

The rally in the HUI/GDX should start to pick up steam next week, when most traders return from the holidays.

GOT THE PICTURE?

USDX:

 

The USDX was down today, and it is possible to see an completed five wave impulsive setback from the 90.33 to 89.81. The current rally from the 89.81 low looks corrective. We have been whipsawed in this market over the last couple of weeks, so we are going to wait t for some further confirmation that a major top is in at the 90.33 high, before recommending further short positons. It is likely that the USDX and the S&P would top out at roughly the same time.

St comments: More fun, as the remains of the Western gold community, that is mainly long usd and short gold, completely incinerates. Note my own key yen video on the gu site today.

 

NG:

 

We indicated in today's Morning Post that wave ii had ended at the 2.97 low and that this market was poised to move substantially higher in wave iii of C. We also posted the complete EWave Analysis for all of wave ii this morning also.

We believe that wave .i. ran from 2.97 to 3.21 and the current setback is all or most of wave .ii. We provided projections for the end of wave .ii. between 3.06 and 3.09, with the current low for this setback being 3.08. We also issued an Intraday Post today advising that we bought 2 position at the market risking to 2.96.

Wave .ii. on the intraday chart looks like:

*a* = 3.14

*b* triangle = 3.16

*c* = 3.08, if complete. Note that *c* = *a* =3.09.

We said in today's Morning Post: "A break of the down trend line connecting 4.53 and 3.94, would confirm that wave ii ended at 2.97 as we suspect." THOSE COMMENTS STAND.

 

St comments: Happy New Year, to all Ewave Riders! I think you're starting to see how the Captain trades. If you keep your trades smaller than you know is rational, one of my cardinal trading rules, I think you'll certainly like the action in 2015!

Thanks