AUG 8 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2020/08/ewsu920gold.png

Long Term Update:

 

Gold was sharply higher again this past week reaching a high of 2089.20, closing at 2036.20!  Great action!

                                                                          

Within wave ^iii^, we have now completed wave $iii$ at the 1974.70 high and all of wave $iv$ at the 1900.20 low.

 

 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.

 

So from a price point of view we have completed the minimum requirements for a completed wave $v$ at the current high of 2089.20, but for an internal Ewave point of view we still should move higher.

 

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/ewaug920si.png

 

Long Term Update:

 

Silver was sharply higher again this past week, reaching a high of 29.91, closing at 28.40! 

                                                                  

We updated out current count this past week to suggest that we are currently rallying wave -iii- of (i) of 3, which has the following (and nice) projected endpoint:

 

-iii- = 4.24-i- = 32.81!

 

Like gold, from a price point of view silver has satisfied its minimum requirements for a completed wave -iii- at the current high of 29.91, but from an Ewaves point of view it looks we still are going to move higher before all of wave -iii- ends.

 

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.

 

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 was initially lower this past week reaching a low of 0.504{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, but closing higher at 0.562{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/ewaug920oil.png

 

Long Term Update:                                                                          

             

Crude was higher this past week reaching a high of 43.52, closing at 41.22!                                                                                     

 

We are now working on the assumption that all of wave (i) 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/ewaug920su.png

 

Long Term Update:

 

Suncor was initially marginally lower this this past week reaching a low of 15.55, but we closed higher at 16.18.

 

Our count suggest Suncor made a multidecade low in wave B at the 9.61 low (and a lot of major oils made major lows around then too).

 

We are now rallying in the 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/ewaug920sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching a high of 3252.54, closing at 3251.28!  

 

We continue to work on the assumption that wave -ii- is still underway.

 

Our count suggests that all of wave .a. of -ii- ended at the 2965.55 low and we are now rallying in a double 3 complex wave .b., which is still underway, but should end very soon.

 

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/ewaug9usd.png

 

Long Term Update:

 

The USDX was marginally lower again this past week reaching a low of 92.50, although we closed higher, at 93.43.

 

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.

 

Wave -iii- may be complete at the 92.51 low, as we are now waiting for confirmation of that. After wave -iii- ends we expect a 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/ewaug920cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week reaching a high of 758.11, closing at 739.98!

 

We continue to work on the 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.

 

We are also looking at our current count with the idea that perhaps we are still rallying in an ever extending wave -iii- of .i. and not wave -v-.

 

This would put the CDNX count into the alignment of gold, silver and the GDX.

 

The CDNX has rallied significant more that those other market in terms of percentage increase. For now we will stay with our current count.  

 

It is not too late to be buying junior gold and mining stocks, especially the GDXJ, although the longer into Cwave action that investors wait, the more drawdowns and volatility you have to deal with.

 

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/ewug920gdx.png

 

Long Term Update:

 

The GDX was higher this past week reaching a high of 45.78, but closed marginally lower at 42.74.

 

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 it no looks like wave $iv$ is still underway as either a bullish triangle or a irregular type correction.

 

For our bullish triangle formation to remain valid we cannot trade below the 40.96 low.

 

In the case of the irregular correction we are now heading back to at least the 40.96 low below all of wave $iv$ ends.

 

After wave $iv$ ends we expect another rally in wave $v$ of ^iii^. Next significant resistance at the 51.67 level.  

 

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 projections for the end of wave ^iii^ are:

 

^iii^ = 2.618^i^ = 43.32:

^iii^ = 4.25^i^ = 58.31.

 

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

 

Thanks.