APR 11 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/04/ewapr1121gold.png

 

Long Term Update:

 

Gold was higher this past week reaching a high of 1759.40, closing at 1744.80.

                                                                          

We continue to work on the assumption that all of wave ^ii^ is complete at the 1673.30 low and if that is the case then we should now be starting to rally sharply higher in wave ^iii^.

 

Our next challenge will be a break and close above our red horizontal resistance at around 1770.00/1790.00 and then a further break above our red downtrend line that are both shown on the Weekly Gold Chart.

 

If wave ^iii^ is now underway then within wave (i) of ^iii^, we completed wave -i- at 1738.00 and all of wave -ii- at 1677.30, and we should therefore now be rallying in wave -iii-, which has an initial target of 1783.00.

 

Gold has now clearly broken above the downtrend line connecting 1962.50, 1878.90 and 1815.20, which supports our view that all of wave ^ii^ is now likely complete at the 1673.30 low.

 

Silver broke out this week also and the GDX is on the verge of a large breakout also, which will likely occur early next week. See details in the Silver and GDX write-up sections.

 

Our initial projection for the end of wave ^iii^ is:

 

^iii^ = 1.618^i^ = 2687.80.

 

Longer term our current initial projected endpoint for all of wave *iii* is:                                                 

 

*iii* = 1.618*iii* = 2306.30.

 

We suspect that wave *iii* will likely extend since wave ^iii^ of *iii* is now projected to be higher than the current complete wave *iii* projection.     

                              

Active Positions: Long with puts as stops!  

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/04/ewapr1121si.png

 

Long Term Update:

 

Silver was higher this past week reaching a high of 25.67, closing at 25.33.  

                                                                  

We are now working on the assumption that all of wave ii is complete at the 21.96 low and if that is the case then we are now rallying higher in wave iii of 3, which has an initial projected endpoint of:

 

iii = 1.618i = 51.52.

 

Within wave iii, we completed wave (i) at 29.91 and we have now likely completed all of wave (ii) at the 23.74 low. If that is the case we are now rallying in wave (iii) of iii, which has the following initial projected endpoint:

 

(iii) = 1.618(i) = 34.22.

 

On our Daily Silver Chart we have broken and closed above the upper blue trendline of our diagonal triangle which is marked by the highs at 28.43 and 26.74, which confirms to us that all of wave -c- and (ii) are complete at the 23.74 low.

 

Longer term our initial projection for the end of wave 3 is:

                                                             

3 = 1.618(1) = 86.50   

 

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 = 11.64;

3 = First projection is 86.50.

 

Active Positions: Long at 14.85, with a put as a stop!

 

US 10 Year Bond Yield:

 

Long Term Update:

 

The 10 Year US Bond Yield was lower this past week reaching a low of 1.626%, closing at 1.666%.

 

It appears that the bear market in US interest is now over and it ended at the 0.398% low.

 

Over the next couple of decades we are now rallying back to the all-time in rates that we saw in the 1980’s.

 

This multi-decade rally should be impulsive and we are now working on our very first impulsive sequence. Within that impulsive sequence we are rallying in wave (iii) which has an initial projected endpoint of:

 

(iii) = 1.618 (i) =1.910%.

 

We expect to move higher in the weeks ahead as we head toward the 1.910% level. We are currently working on the internal subdivision count within wave (iii). After wave (iii) ends we expect a wave (iv) drop that retraces between 23.6 to 38.2% of the entire wave (iii) rally.

 

Active Positions: Flat.

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/04/ewapr1121oil.png

 

Long Term Update:                                                                          

             

Crude was lower this past week reaching a low of 57.63, closing at 59.32.                                                                                      

 

It now looks like wave -i- is complete at the 67.98 high so we should still be falling in developing wave -ii-, which has the following retracement levels:

 

50% = 50.81

61.8% = 46.81.

 

We are also challenging our multi-year breakout of our major downtrend line and this week we managed to close above that line. We are still short of retracement levels for our wave -ii- correction, so we still expect lower prices ahead.

 

On the Intraday Chart we appear to be working on a triangle formation which could be bullish or bearish, but once it ends we should see crude spike in either direction, although we still expect a drop at least back to our 50% retracement level of 50.81, before all of wave -ii ends.

 

After wave -ii- ends we expect a very sharp rally higher in wave -iii-.

 

We continue to rally in wave -i- of (iii), with all of wave (iii) having and initial projected endpoint of:

 

(iii) = 1.618(i) = 93.96.

 

In the long term we are now rallying in wave C that has the following projections:

 

C= A = 153.77;

C= 1.618A = 244.78.

 

Suncor:                                                                   

 

Weekly Suncor Chart: https://captainewave.com/wp-content/uploads/2021/04/ewapr1121su.png

 

Long Term Update:

 

Suncor was lower this past week reaching a low of 20.66, closing at 20.87.

 

We continue to rally sharply higher in wave iii. Our initial projection for the end of wave iii is:

 

iii = 1.618i = 30.73.

 

Within wave (i) of iii it looks like wave -i- ended at the 19.94 and likely all of wave -ii- at the 16.29 low. If that is the case then we should now be rallying sharply higher in wave -iii-, which has an initial projected endpoint of:

 

-iii- = 1.618-i-=31.29.

 

Active Positions: Long crude, with puts as a stop. Long Suncor!                                

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/04/ewapr1121sp.png

 

Long Term Update:

 

The SP500 was sharply higher this past week reaching another all-time high at 4129.48, closing at 4128.80.

 

We now need to take a look at our internal wave count for all of wave v of V, as we suspect are current count is now correct and needs updating.

 

Active Positions: Flat.

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/04/ewapr1121usd.png

 

Long Term Update:

 

The USDX was lower this past week reaching a low of 92.01 closing at 92.16.

 

Wave -iv- is now complete at the 93.47 high, so we should now be heading lower in wave -v-. We have broken and closed below our red dotted line that is shown on our Daily USDX Chart that connects at the lows of 89.67 and 91.29.

 

Active Positions: Flat!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/04/ewap1121cdnx.png  

Long Term Update:

 

The CDNX moved sideways this past week, and we closed marginally lower at 959.37.

 

Longer term we continue to rally sharply higher in wave .iii. which has an initial endpoint of:

 

.iii. = 1.618.i. = 1357.02    

 

Wave .iii. is now subdividing and if that is the case then we should now be rallying sharply higher in wave -iii- of .iii. Our initial projected endpoint for all of wave -iii- is:

 

-iii- =1.618-i- = 1592.50.                           

 

Our minimum long term target for the end of wave C is 3341.56.

 

Active Positions: Long the GDXJ, for a long term hold!

 

GDX: 

 

Weekly GDX Chart: https://captainewave.com/wp-content/uploads/2021/04/ewapr1121gdx.png

 

Long Term Update:

 

The GDX was higher this past week reaching a high of 34.85, closing at 34.73.

 

We are now working on the assumption that all of wave *ii* is now complete at the 30.64 low and if that is the case we are now starting to rally sharply higher in wave *iii*, which has the following projected endpoint:

 

*iii* = 1.618*i*= 78.63.

 

If wave *iii* is now underway then within wave ^i^ of *iii*, we completed wave -i- at 34.48 and wave -ii- at 31.65. We should now be rallying in wave -iii-, which has the following projected endpoint of:

 

-iii- = 1.618-i- = 37.86.

 

The big event next week should be a break and close above our multi-mouth upper red trendline that has defined the upper bounds of our wave ^ii^ correction.

 

Our current projection for the end of 3 is:

 

3 = 2.618 (-1-) = 66.37.                                                                                                                     

 

We do have higher targets also.

 

Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops (and we recently added to our long positions at 31.50)!

 

Bitcoin: 

 

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/04/ewapr1121bit1.png  

Long Term Update:

 

Bitcoin was higher this past week reaching a high of 61194, closing at 60411.

 

As you can see in our Bitcoin Weekly Chart that it has risen sharply form the 2014 inception date for this chart.

 

In the longer term Bitcoin appears to rising in an impulse fashion as we are getting close to finishing this first impulsive sequence with wave (3) of 1 or A ending at the 58349 high.

 

It looks like all of wave (4) ended at the 43665 low and we still rallying in wave (5).

 

We have now satisfied the minimum requirements for a completed wave (5) rally at the current high of 61749. This current wave (5) rally will complete a 5 wave impulsive sequence for this market.

 

Either a wave 1 or A will be completed and the next move for this market will be a 50 to 61.8% retracement correction in either wave 2 or B of the entire move in bitcoin. For example, a 61.8% retracement from the current high would see bitcoin drop to the 24000 level.

 

Thanks!