aug 2 ew weekly charts post!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Sorry for late send… one of our key crew members is stricken with Corona, bad, but back home this evening, after respiratory clinic treatment.

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2020/08/ewaug2gold.png

 

Long Term Update:

 

Gold was sharply higher this past week reaching a high of 1980.10, closing at 1971.20!!

                                                                          

This week we completed wave $iii$ at the 1974.70 high and like all of wave $iv$ at the 1900.20 low. If that is the case we are now rallying in wave $v$ of ^iii^. It also looks like wave ^iii^ is going to extend to our next projected endpoint which is:

 

^iii^ = 2.618^i^ = 2209.00.

 

After wave ^iii^ ends we expect a wave ^iv^ correction that retraces between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave ^iii^ rally.

 

Our current projection for the end of wave .iii. is:                                                 

 

.iii. = 1.618.i. = 2306.30.                  

                              

Active Positions: Long with puts as stops!    

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2020/08/ewaug220si.png  

 

Long Term Update:

 

Silver was sharply higher this past week reaching a high of 26.26, closing at 24.22.  

                                                                  

We continue to rally in wave (i) of 3, although this week we adjusted our internal count for wave (i) to suggest that we only completed -iii- of (i) at the 26.26 high and that we are now correcting in wave -iv-.

 

It could be possible that all of wave -iv- is complete at the 22.46 low, and if that is the case then we are now rallying in wave -v- of (i). The other option is that wave -iv- is becoming a bullish triangle that is almost complete.

 

In either case silver is still going higher and a break and close through the 25.00/26.00 resistance level appears likely before all of wave (i) ends!!

 

After wave (i) ends we expect a wave (2) correction that retraces between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave (i) rally.

 

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 put as a stop.

 

US 10 Year Bond Yield:

 

Long Term Update:

 

The 10 Year US Bond Yield moved lower this past week reaching a low of 0.528{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, closing at 0.536{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}.

 

We continue to work on the assumption that wave (v) is extending lower, with wave *i* ending at 0.398{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} and all of wave *ii* at the 1.226{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} high. We are now falling in wave *iii*, which will see negative rates for this market.

 

With our wave *iii* drop it looks like wave ^i^ ended at 0.568{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}. We now think that wave ^ii^ is becoming more complex and believe that a rally back to the 0.957{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} high should be expected before all of wave ^ii^ ends.   

 

Active Positions: Flat.

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2020/08/ewaug220oil.png

 

Long Term Update:                                                                          

             

Crude was lower this past week reaching a low of 38.72, closing at 40.27.                                                                                      

 

We are starting to think that all of wave (i0 is now complete at the 42.51 high and if that is the case we should expect crude to drop in a wave (ii) correction.

 

We will give this market another week to confirm this observation, but if wave (ii) has begun then we except that this market will retrace between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave (i) rally. A drop back to at least the 26.00 level should be expected.

 

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/2020/08/ewaug220su.png

 

Long Term Update:

 

Suncor was lower this this past week reaching a low of 15.62, closing at 15.76.

 

Suncor made a multidecade low in wave B at the 9.61 low. We are now rallying in initial stages of a multiple year wave C.

 

In the short term we completed wave (i) at the 19.16 and we believe all of wave (ii) at the 13.98 low, although we are now thinking that wave (ii) has become more complex and in that case we will heading back to that low before all of wave (ii) ends.

 

Assuming that wave (ii) is complete at the 13.98 low, then we should be now be rallying in wave (iii), which has an initial endpoint of:

 

(iii) = 1.618(i) = 29.43.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2020/08/ewuag220sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching a high of 3272.17, closing at 3271.12.  

 

We are now working on the assumption that wave -ii- is still underway. Our current count suggests that all of wave .a. of -ii- ended at the 2965.55 low and we are now rallying in wave .b., which may now be complete at the 3299.79 high.

 

After wave .b. ends we expect another drop in wave .c. to complete all of wave -ii-. The minimum target for wave .c. is the wave .a. low of 2965.55.

 

In the longer term our initial projected end point for all of wave (iii) is:

 

(iii) = 1.618(i) = 4001.14.

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2020/08/ewaug220usd.png

 

Long Term Update:

 

The USDX was sharply lower again this past week reaching a low of 92.52, closing at 93.34.

 

Wave *iv* of -iii- is complete at the 97.81 high, and we are now falling in wave *v* of -iii-, which has the following initial endpoint of:

 

-iii- = 1.618-i- = 91.88.

 

We are getting close to the completion of wave -iii-, and after it ends we expect wave -iv- rally that retraces between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave -iii- drop.

   

Active Positions: Flat!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2020/08/ewaug220cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week reaching a high of 722.82, closing at 721.24.

 

We are working on the assumption that all of wave -iv- is complete at the 648.24 low and that we are now rallying in wave -v- of (i).. After wave (i) ends, we expect a wave (ii) correction that retraces between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave (i) rally.

 

It is NOW time to start buying junior gold and mining stocks, especially the GDXJ.

 

Our minimum 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/2020/08/ewaug220gdx.png

 

Long Term Update:

 

The GDX was higher this past week reaching a high of 44.46, closing at 42.94.

 

Our initial target for our ongoing wave 3 rally is:

 

3 = 1.618 (1) = 47.20

 

Wave 3 is subdividing and we are still rallying in wave ^iii^ of 3.

 

Within wave ^iii^, all of wave $iii$ of -v- of ^iii^, ended at the 44.46 high and likely all of wave $iv$ at the 40.96 low. If that is the case we are now rallying in wave $v$. Next significant resistance at the 51.67 level.  

 

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

 

^iii^ = 2.618^i^ = 43.32, which may need to be extended.

 

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

 

Thanks!

Catain & Crew