Category Archives: Weekly Charts Post

JAN 16 WEEKLY CHARTS POST!

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan1622gold.png

 

Long Term Update:

 

Gold moved sideways this past week and we closed higher at 1816.50!

                                                                          

All of wave -iii- ended at the 2089.20 high and our current preferred count is still suggesting that our lengthy wave -iv- bullish triangle is still underway!

 

Within our wave -iv- triangle all of wave .d. ended at the 1879.50 high.

 

We are now falling in wave .e. that we believe is still likely NOT complete at the 1753.00 low.

 

 Within wave .e., wave ^a^ ended at 1753.00, and it now looks like wave ^b^ is becoming more complex, so we should see one more rally above the 1833.00 high, before all of wave ^b^ ends.

 

After wave ^b^ ends we expect one more drop in wave ^c^, to below the 1753.00 wave ^a^ low to complete all of wave .e. and our bullish wave -iv- triangle.

 

Wave .e. cannot drop below the wave .c. low of 1675.90 for this current triangle formation to remain valid.  

 

There is a very slim chance that all of wave .e. and all of our bullish -iv- ended at the 1753.00 low.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

After wave -iv- ends we expect a very sharp thrust higher wave -v-, which should take gold to all time new highs.

 

Our alternate counts still remain in play as follows:

 

Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-.  

 

Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.                       

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan1622si.png

 

Long Term Update:

 

Silver moved sideways this past week although we closed higher at 22.92!  

                                                                  

Wave ii is NOT complete. Our current count suggests that all of wave i ended at 29.91, and within wave ii, wave (a) ended at 21.81, wave (b) at 30.35, and we are now falling in an ending diagonal triangle wave (c) formation that has a minimum target of 21.41. Our retracement levels for all of wave ii are:

 

50% = 20.78;

61.8% = 18.62.

 

Within wave -v-, all of wave $a$ ended at 21.41 and it now looks like wave $b$ is becoming more complex, so we expect one rally above the 23.44 high before all of wave $b$ ends.  

 

After wave $b$ ends we expect one more drop in wave $c$ to at least the 21.41 low, but more likely into our retracement zone for all of wave ii, before it ends.                                  

 

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 higher this past week reaching a high of 1.808%, closing at 1.772%!

 

The multi-decade bear market in US interest is now over as 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b*, perhaps at the 1.808% high. Our internal wave count for all of wave *b* shows a double 3 wave correction pattern which we think is getting very close to completion.

 

After wave *b* ends we still expect a another drop in wave *c*, which has a minimum target of the wave *a* low of 1.218%. 

                                                         

Active Positions: Short risking to 1.900%!

 

Crude Oil:                                                                                     

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan1622oil.png  

 

Long Term Update:                                                                          

             

Crude was sharply higher this past week reaching a high of 84.45, closing at 83.82!

 

We continue to work on our very large wave (iv) bullish triangle. Wave (iii) ended at the 67.98 high.

 

Within our bullish triangle, wave -c- is now complete at the 62.43 low, and we should now be rallying in wave -d-.

 

Wave -d- cannot trade above the wave -b- high of 85.41.

 

We think wave -d- should be getting close to completion now. After wave -d- ends we expect another drop in wave -e- to complete all of our very long and large wave (iv) bullish triangle.

 

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/2022/01/ewjan1622su.png

 

Long Term Update:

 

Suncor was sharply higher this week reaching a high of 28.74, closing at 28.23!

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low.

 

We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

Wave (iii) appears to be subdividing with wave -i- of (iii) ending at the 26.97 high and all of wave -ii- at 22.22. We are now breaking out and rallying sharply higher in wave -iii-, which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 38.50.

 

We expect higher prices to continue now, which next resistance at the 34.56 level.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan1622sp.png

 

Long Term Update:

 

The SP500 was lower this past week reaching low of 4582.24, closing at 4662.85!.

 

We are now working on the assumption that all of wave (iv) ended at the 4278.97 low and it is staring to look like wave (v) is becoming an ending diagonal triangle that only needs one more rally above the 4744.13 high to become complete!!

 

We are watching this pattern carefully and will be looking for shorting opportunity!!  

 

After wave (v) and v ends we expect the SP500 to collapse and head sharply lower.

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan1622usd.png

Long Term Update:

 

The USDX was lower this past week reaching a low of 94.61, closing at 95.16!

 

Within wave iii, all of wave (i) ended at 89.17. We are now rallying in wave (ii) which has the following retracement levels:

 

50% = 96.57;

61.8% = 98.31.

 

It now looks like wave (ii) did not end at the 96.94 high and we should expect one more rally above that high before all of wave (ii) ends.

 

Wave *iv* of -c- of (i) likely ended at the 9461 low and if that is the case then we should now be rallying in wave *v* of -c- of (ii).

 

Active Positions: Flat.

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan1622cdnx.png

 

Long Term Update:

 

The CDNX was lower this past week reaching a low of 883.62, closing at 902.81!

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

Wave $i$ of -iii- ended at the 1025.77 high and we are now falling in wave $ii$. We have updated our internal count for wave $ii$ to suggest that it has become double 3 wave corrective pattern that remains incomplete.

 

We should now be falling in our second wave (c) which has a minimum target of 847.92.

 

Our minimum multi-year 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/2022/01/ewjan1622gdx.png

 

Long Term Update:

 

The GDX moved sideways this past week and we closed higher at 30.97!

 

We believe that wave *ii* is still underway as we work on our 3rd three wave corrective pattern. Our retracement levels for wave -ii- is:

 

50% = 30.98;

61.8% = 27.49.

 

Within wave *ii* we have a triple 3 wave corrective pattern, of which we are working on the last.

 

Within that last 3 wave pattern that started at the 35.08, we think all of wave ^a^ ended at the 28.90 low and it looks like wave ^b^ is becoming more complex.

 

WE should see one more rally above the 32.08 high before all of wave ^b^ ends. After wave ^b^ ends we expect another drop in wave ^c^ to at least the 28.83 low before all of wave *ii* ends.

 

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!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan1622bit.png

Long Term Update:

 

Bitcoin was initially lower this past week reaching low of 39668, although we closed higher at 43309!

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

Within wave B or 2 all of wave (a) ended at the 28908 low and wave (b) is at the 68979 high.

 

We are now falling in wave (c), which should be heading back to at least the wave (a) low of 28908 to complete all of wave 2 or B.

 

Our 61.8% retracement level is lower that that at around 25000.

 

Wave 2 or B has become a flat correction.

 

Thanks!

Captain & Crew

 

JAN 9 WEEKLY CHARTS POST!

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan922gold.png

 

Long Term Update:

 

Gold was initially marginally higher this past week reaching a high of 1833.00, but after that high was made we moved lower reaching a low of 1781.30, closing at 1797.40!

                                                                          

All of wave -iii- ended at the 2089.20 high and our current preferred count is still suggesting that our lengthy wave -iv- bullish triangle is…

 

 Still underway!

 

Within our wave -iv- triangle all of wave .d. ended at the 1879.50 high. We are now falling in wave .e. that we believe is still likely NOT complete at the 1753.00 low.

 

 Within wave .e., wave ^a^ ended at 1753.00, and all of wave ^b^ at the 1833.00 high. After wave ^b^ ends we expect one more drop in wave ^c^, to below the 1753.00 wave ^a^ low to complete all of wave .e. and our bullish wave -iv- triangle.

 

Wave .e. cannot drop below the wave .c. low of 1675.90 for this current triangle formation to remain valid.

 

We also had a key weekly reversal lower this past week which supports of view that all of wave ^b^ ended at 1833.00 high.

 

There is a very slim chance that all of wave .e. and all of our bullish -iv- ended at the 1753.00 low.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

After wave -iv- ends we expect a very sharp thrust higher wave -v-, which should take gold to all time new highs.

 

Our alternate counts still remain in play as follows:

 

Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-.  

Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.                       

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan922si.png

 

Long Term Update:

 

Silver was lower this past week reaching a low of 21.94, closing at 22.41!  

                                                                  

Wave ii is NOT complete. Our current count suggests that all of wave i ended at 29.91, and within wave ii, wave (a) ended at 21.81, wave (b) at 30.35, and we are now falling in an ending diagonal triangle wave (c) formation that has a minimum target of 21.41. Our retracement levels for all of wave ii are:

 

50% = 20.78;

61.8% = 18.62.

 

Within wave -v-, all of wave $a$ ended at 21.41 and all of wave $b$ at the 23.44 high. After wave $b$ ends we expect one more drop in wave $c$ to at least the 21.41 low, but more likely into our retracement zone for all of wave ii, before it ends.                                  

 

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 sharply higher this past week reaching a high of 1.801%, closing at 1.771%!

 

The multi-decade bear market in US interest is now over as 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b* at the 1.693% high. We adjusted our internal wave count for all of wave *b* to a modified double 3 wave correction pattern which we think is getting very close to completion.

 

After wave *b* ends we still expect a another drop in wave *c*, which has a minimum target of the wave *a* low of 1.218%. 

                                                         

Active Positions: Short risking to 1.900%!

 

Crude Oil:                                                                                     

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan922oil.png

 

Long Term Update:                                                                          

             

Crude was sharply higher this past week reaching a high of 80.47, closing at 78.90!

 

We continue to work on our very large wave (iv) bullish triangle. Wave (iii) ended at the 67.98 high. Within our bullish triangle, wave -c- is now complete at the 62.43 low, and we should now be rallying in wave -d-.

 

 Wave -d- cannot trade above the wave -b- high of 85.41.

 

We think wave -d- should end around the 83.00/83.50 level. After wave -d- ends we expect another drop in wave -e- to complete all of our very long and large wave (iv) bullish triangle.

 

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/2022/01/ewjan922su.png

 

Long Term Update:

 

Suncor was sharply higher this week reaching a high of 27.22, closing at 26.56!

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low. We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

Wave (iii) appears to be subdividing with wave -i- of (iii) ending at the 26.97 high and all of wave -ii- at 22.22. We are now breaking out and rallying sharply higher in wave -iii-, which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 38.50.

 

We expect higher prices to continue now, which next resistance at the 34.56 level.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan922sp.png

 

Long Term Update:

 

The SP500 was initially higher this past week reaching another all-time high at 4818.62, but after that high was made we smashed lower, reaching a low of 4662.74!

 

We are now working on the assumption that all of wave (iv) ended at the 4278.97 low and it looks like wave (v) is going to extend higher with wave -i- of (v) ending at 4743.83 and all of wave -ii- at 4495.12.

 

If that is the case then we are now rallying higher in wave -iii- of (v).  

 

We did have a key weekly reversal lower last week and we must hold the Armageddon Support Line for this market to move higher!

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan922usd.png

Long Term Update:

 

The USDX was higher this past week reaching a high of 96.47, closing at 95.72!

 

Within wave iii, all of wave (i) ended at 89.17. We are now rallying in wave (ii) which has the following retracement levels:

 

50% = 96.57;

61.8% = 98.31.

 

We are still waiting for confirmation that all of wave (ii) ended at the 96.94 high. On the Intraday Chart we continue to watch the formation a bullish triangle that would be suggesting that we should see one more high above the 96.94 high before all of wave (ii) ends…

 

Although a drop now below the 95.54 level would eliminate this triangle option.  

 

Active Positions: Flat!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan922cdnx.png  

 

Long Term Update:

 

The CDNX was initially higher this past week reaching a high of 948.38 but after that high was made we moved lower reaching a low of 903.82, closing at 911.46!

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

Wave $i$ of -iii- ended at the 1025.77 high and we are now falling in wave $ii$. We have updated our internal count for wave $ii$ to suggest that it has become double 3 wave corrective pattern that remains incomplete.

 

We should now be falling in our second wave (c) which has a minimum target of 847.92.

 

Our minimum multi-year 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/2022/01/ewja922gdx.png  

 

Long Term Update:

 

The GDX was sharply lower this past week reaching a low of 29.61, closing at 30.01!

 

We believe that wave *ii* is still underway as we work on our 3rd three wave corrective pattern. Our retracement levels for wave -ii- is:

 

50% = 30.98;

61.8% = 27.49.

 

Within wave *ii* we have a triple 3 wave corrective pattern, of which we are working on the last. Within that last 3 wave pattern that started at the 35.08, we think all of wave ^a^ ended at the 28.90 low and all of wave ^b^ at the 32.08 high.

 

After wave ^b^ ends we expect another drop in wave ^c^ to at least the 28.83 low before all of wave *ii* ends.

 

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!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2022/01/ewjan922bit.png

 

Long Term Update:

 

Bitcoin was sharply lower this past week reaching low of 40534, closing at 41602!

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

Wave 2 or B has become a flat correction.

 

Within wave B or 2 all of wave (a) ended at the 28908 low and wave (b) is at the 68979 high.

 

We are falling in wave (c), which should be heading back to at least the wave (a) low of 28908 to complete all of wave 2 or B.

 

Our 61.8% retracement level is at around 25000.

 

Thanks!

Captain & Crew

 

DEC 26 WEEKLY CHARTS POST!

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec2621gold1.png

 

Long Term Update:

 

Gold was higher this past week reaching a high of 1812.00, closing at 1811.70!

                                                                          

All of wave -iii- ended at the 2089.20 high and our current preferred count is still suggesting that our lengthy wave -iv- bullish triangle is still underway!

 

Within our wave -iv- triangle all of wave .d. ended at the 1879.50 high. We are now falling in wave .e. that we believe is still likely NOT complete at the 1753.00 low.

 

Within wave .e., wave ^a^ ended at 1753.00, and we are now rallying in wave ^b^ which is likely not complete yet either. After wave ^b^ ends we expect one more drop in wave ^c^, to below the 1753.00 wave ^a^ low to complete all of wave .e. and our bullish wave -iv- triangle.

 

Wave .e. cannot drop below the wave .c. low of 1675.90 for this current triangle formation to remain valid.

 

We did have a bullish key weekly reversal a few weeks ago, so there is a very slim chance that all of wave .e. and all of our bullish -iv- ended at the 1753.00 low.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

After wave -iv- ends we expect a very sharp thrust higher wave -v-, which should take gold to all time new highs.

 

Our alternate counts still remain in play as follows:

 

Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-.  

Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.                       

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec2621si1.png

 

Long Term Update:

 

Silver was higher this past week reaching a high of 22.97, closing at 22.94!  

                                                                  

Wave ii is NOT complete.

 

Our current count suggests that all of wave i ended at 29.91, and within wave ii, wave (a) ended at 21.81, wave (b) at 30.35, and we are now falling in an ending diagonal triangle wave (c) formation that has a minimum target of 21.41.

 

Our retracement levels for all of wave ii are:

 

50% = 20.78;

61.8% = 18.62.

 

We did reach our minimum target for wave -v- of 21.41, but we still think within wave -v-, all of wave $a$ ended at 21.41, and we are now rallying in an incomplete wave $b$.

 

After wave $b$ ends we expect one more drop in wave $c$ to at least the 21.41 low, but more likely into our retracement zone for all of wave ii, before it ends.                                  

 

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 higher this past week reaching a high of 1.501%, closing at 1.493%!

 

The multi-decade bear market in US interest is now over as 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b* at the 1.693% high. We have now labeled our internal wave count for all of wave *b* to suggest that it has become a double 3 wave correction pattern, which ended at the 1.693% high. We are now falling in wave *c*, which has a minimum target of the wave *a* low of 1.218%.

 

Another very bearish option is that the rally from 0.398% low to the 1.765% level is a 3 wave corrective rally, which would suggest that rates will be heading back to the 0.398% low. We currently do not see this as a plausible option, but from an Ewaves point of view it is.

                                                           

Active Positions: Short risking to 1.770%!

 

Crude Oil:                                                                                     

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec2621oil.png

 

Long Term Update:                                                                          

             

Crude was initially lower this past week reaching a low of 66.12, but after that low was made we moved higher reaching ahigh of 73.94. We closed at 73.79!

 

We had a key weekly reversal higher this past week which is suggesting higher prices likely lie ahead!

 

We continue to work on our very large wave (iv) bullish triangle. Wave (iii) ended at the 67.98 high. Within our bullish triangle, wave -c- is now complete at the 62.43 low, and we should now be rallying in wave -d-. Wave -d- cannot trade above the wave -b- high of 85.41.

 

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/2021/12/ewdec2621sun.png

 

Long Term Update:

 

Suncor was initially lower this past week reaching a low of 22.22, but after that low was made we moved higher reaching a high of 24.73, closing at 24.51!

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low. We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

It looks like our major breakout is going to be delayed as wave (iii) appears to be subdividing with wave -i- of (iii) ended at the 26.97 high. We are now falling in wave -ii- which has the following retracement levels:

 

50% = 21.94;

61.8% = 20.75.

 

We now expect lower prices as wave -ii- develops, as we are still a bit short of our 50% retracement level, although we did have a key weekly reversal higher last week, which could be suggesting that ball of wave -ii- is complete at the 22.22 low.

 

If that is the case then we should start to rally sharply higher in wave -iii-, and should finally break though our major red downtrend line. We will give this market a few more days before we confirm that all of wave -ii- is complete at the 22.22 low.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec262sp.png

 

Long Term Update:

 

The SP500 was initially lower this past week reaching a low of 4531.10, but after that low as made we moved higher reaching a high of 4740.74. We closed at 4725.79.

 

We had a key weekly reversal higher last week which is bullish!

 

We are now working on the assumption that all of wave (iv) ended at the 4278.97 low and it looks like wave (v) is going to extend higher with wave -i- of (v) ending at 4743.83 and all of wave -ii- at 4495.12. If that is the case then we are now rallying higher in wave -iii- of (v).  

 

We expect to break to all time new high next week.

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec2621usd.png

 

Long Term Update:

 

The USDX was lower this past week reaching a low of 95.97, closing at 95.99!

 

We have now updated our count to suggest that within wave iii, all of wave (i) ended at 89.17. We are now rallying in wave (ii) which has the following retracement levels:

 

50% = 96.57;

61.8% = 98.31.

 

We are now still waiting for confirmation that all of wave (ii) ended at the 96.94 high.

 

On the Intraday Chart we look to formation a bullish triangle that would be suggesting that we should see one more high above the 96.94 high before all of wave (ii) ends.

 

We will see how we trade early next week, and we may move our stop higher.

 

Active Positions: Short risking to 97.00!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec2621cdnx.png  

 

Long Term Update:

 

The CDNX was sharply higher this past week reaching a high of 935.41, closing at 934.97!

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

Wave $i$ of -iii- ended at the 1025.77 high and we are now falling in wave $ii$. We have traded below our 78.6% retracement level for all of wave $ii$ which may be suggesting that all of wave -ii- may not be complete at the 847.92 low.

 

Our minimum multi-year 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/2021/12/ewdec2621gdx.png

 

Long Term Update:

 

The GDX was higher this past week reaching a high of 31.39, closing at 31.30!

 

We believe that wave *ii* is still underway as we work on our 3rd three wave corrective pattern. Our retracement levels for wave -ii- is:

 

50% = 30.98;

61.8% = 27.49.

 

Within wave *ii* we have a triple 3 wave corrective pattern, of which ae are working on the last. Within that last 3 wave pattern that started at the 35.08, we think all of wave ^a^ ended at the 28.90 low.

 

We are rallying in an incomplete wave ^b^, which with then be followed by another drop in wave ^v^ to at least the 28.83 low before all of wave *ii* ends.

 

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!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec2621bit.png

Long Term Update:

 

Bitcoin was higher this past week reaching high of 51864, closing at 50075!

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

Within wave B or 2 all of wave (a) ended at the 28908 low and wave (b) is at the 68979 high. We are now falling in wave (c), which should be heading back to at least the wave (a) low of 28908 to complete all of wave 2 or B.

 

 Our 61.8% retracement level is lower that that, at around 25000.

 

Wave 2 or B has become a flat correction.

 

Thanks!

Captain & Crew

DEC 12 WEEKLY CHARTS POST!

Captain Ewave Weekly Charts Post

 

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec1221gold.png

 

Long Term Update:

 

Gold generally moved sideways this past week, closing just marginally higher at 1784.80!

                                                                          

All of wave -iii- ended at the 2089.20 high and our current preferred count is still suggesting that our lengthy wave -iv- bullish triangle is still underway.

 

Within our wave -iv- triangle it now looks like all of wave .d. ended at the 1879.50 high and if that is the case then we should now be falling in wave .e.

 

We have now satisfied all of the minimum requirements for wave .e., so we need to be guard for the completion of all of our length wave -v- bullish triangle, possibly at the 1762.20 low.

 

Wave .e. cannot drop below the wave .c. low of 1675.90 for this current triangle formation to remain valid.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

We are within our retracement zone for wave -iv- also.

 

On the Intraday Chart we are watching a potential bearish triangle formation that started at the 1816.20 high.

 

A break of that level now would eliminate that formation and confirm that all of our wave -iv- bullish triangle is complete at the 1762.20 low.

 

In the short term if we break above 1794.30 in the next day or so our first reaction would be that this bearish triangle formation is just expanding and exceeding unless we continue to rally to the 1816.20 high.

 

With silver now looking like its wave ii is not complete at the 21.41 low, it seems likely that all of our wave -iv- bullish triangle in gold may not be compete at the 1762.20 low.

 

After wave -iv- ends we expect a very sharp thrust higher wave -v-, which should take gold to all time new highs.

 

Our alternate counts still remain in play as follows:

 

Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-.  

Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.                       

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec1221si.png

 

Long Term Update:

 

Silver was lower this past week reaching a low of 21.82, closing at 22.19!  

                                                                  

The depth of the current ongoing drop in silver now suggests to us that all of wave ii is NOT complete at the 21.41 low.

 

Our updated count now suggests that all of wave i ended at 29.91, and within wave ii, wave (a) ended at 21.81, wave (b) at 30.35, and we are now falling in an ending diagonal triangle wave (c) formation that has a minimum target of 21.41. Our retracement levels for all of wave ii are:

 

 50% = 20.78;

61.8% = 18.62.

 

We expect lower prices in silver as we work on wave -v- of (c) of ii, over the next couple of weeks.                                  

 

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 sharply higher this past week reaching a high of 1.537%, closing at 1.489%!

 

The multi-decade 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b* at the 1.693% high. We have now labeled our internal wave count for all of wave *b* to suggest that it has become a double 3 wave correction pattern, which ended at the 1.693% high.

 

We are now falling in wave *c*, which has a minimum target of the wave *a* low of 1.218%.

 

Another very bearish option is that the rally from 0.398% low to the 1.765% level is a 3 wave corrective rally, which would suggest that rates will be heading back to the 0.398% low. We currently do not see this as a plausible option, but from an Ewaves point of view it is.

 

Active Positions: Short risking to 1.770%!

 

Crude Oil:                                                                                     

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec1221oil.png

 

Long Term Update:                                                                          

             

Crude was sharply higher this past week reaching a high of 73.34, closing at 71.67!

 

We believe that wave i is still underway and that the current setback is a very large wave (iv) bullish triangle.

 

Wave (iii) ended at the 67.98 high. Within our bullish triangle, wave -c- is now complete at the 62.43 low, and we should now be rallying in wave -d-.

 

Wave -d- cannot trade above the wave -b- high of 85.41.

 

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/2021/12/ewdec1221su.png

 

Long Term Update:

 

Suncor moved sideways this past week, although we closed higher at 24.62!

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low.

 

We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

It looks like our major breakout is going to be delayed as wave (iii) appears to be subdividing with wave -i- of (iii) ended at the 26.97 high. We are now falling in wave -ii- which has the following retracement levels:

 

50% = 21.94;

61.8% = 20.75.

 

We now expect lower prices as wave -ii- develops, as we are still a bit short of our 50% retracement level.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec1221sp.png

 

Long Term Update:

 

The SP500 was sharply higher this past week reaching a high of 4713.57, closing at 4712.20!

 

We are now working on the assumption that all of wave (iv) ended at the 4278.97 low and it looks like wave (v) is going to extend higher with wave -i- of (v) ending at 4743.83 and all of wave -ii- at 4495.12.

 

If that is the case then we are now rallying higher in wave -iii- of (v).  

 

We will decide on Monday Morning if we should exit our short positions, although we will likely keep our call options for the run higher.

 

Active Positions: Short will calls as stops.

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec1221usd.png

  

Long Term Update:

 

The USDX moved sideways this past week, although we closed one tick lower at 96.10!

 

We have now updated our count to suggest that within wave iii, all of wave (i) ended at 89.17. We are now rallying in wave (ii) which has the following retracement levels:

 

50% = 96.57;

61.8% = 98.31.

 

We are now working on the assumption that all of wave (ii) ended at the 96.94 high and that we have started to move sharply lower in wave (iii).

 

We will provide our first projections for the end of wave (ii) this week in our Morning Posts.

 

Active Positions: Short risking to 97.00!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec1221cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week reaching a high of 929.67, closing at 908.99!

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

Wave $i$ of -iii- ended at the 1025.77 high and we are now falling in wave $ii$. We have reached our 78.6% retracement level for all of wave $ii$ so we need to be guard for its completion and the start of another sharp rally in wave $iii$.

 

Our minimum multi-year 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/2021/12/ewdec1221gdx.png

 

Long Term Update:

 

The GDX moved sideways this past week, although we closed lower at 30.49.

 

All of wave *ii* is finally complete at the 28.83 low and we are now rallying in wave *iii*, which has the following initial endpoint:

 

*iii* = 1.618*i* = 76.72.

 

Within wave *iii*, all of wave -i- of ^i^ of iii ended at 33.95 it looks like we are now working on a complex irregular type wave -ii- correction.

 

Our last retracement level for wave -ii- is:

 

78.6% = 29.93.

 

We are very near our 78.6% retracement level so for our current analysis to remain valid we need to turn higher in wave -iii- very soon.

 

We are starting to think that all of wave *ii* may not be complete at the 28.83 low.

 

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 added to our long positions this week also.

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec1221bit.png

Long Term Update:

 

Bitcoin shot higher this past week, although we closed lower at 48566 at the time of this writing.

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

Within wave B or 2 all of wave (a) ended at the 28908 low and wave (b) is at the 68979 high.

 

We are now falling in wave (c), which should be heading back to at least the wave (a) low of 28908 to complete all of wave 2 or B. Our 61.8% retracement level is lower that that at around 25000.

 

Wave 2 or B has become a flat correction.

 

Thanks!

Captain & Crew

NOV 27 WEEKLY CHARTS POST!

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721gold.png

 

Long Term Update:

 

Gold was sharply lower this past week reaching a low of 1777.40, closing at 1785.50.

                                                                          

All of wave -iii- ended at the 2089.20 high and our current preferred count is still suggesting that our lengthy wave -iv- bullish triangle is still underway.

 

Within our wave -iv- triangle it now looks like all of wave .d. ended at the 1879.50 high and if that is the case then we should now be falling in wave .e.

 

We have now satisfied all of the minimum requirements for wave .e., so we need to be guard for the completion of all of our length wave -v- bullish triangle.

 

Wave .e. cannot drop below the wave .c. low of 1721.10 for this current triangle formation to remain valid.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

We are within our retracement zone for wave -iv- also.

 

After wave -iv- ends we expect a very sharp thrust higher wave -v-, which should take gold to all time new highs.

 

Our alternate counts still remain in play as follows:

 

Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-.  

Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.                       

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721si.png

 

Long Term Update:

 

Silver was also lower this week reaching a low of 22.92, closing at 23.11.

                                                                  

All of wave ii of 3 ended at 21.41. We are now rallying in the initial stages of wave iii, which has the following initial projected endpoint:

 

iii = 1.618i = 50.97.

 

It looks like wave -ii- has become more complex and has turned into an irregular type correction. Our retracement level for all of wave -ii- are:

 

50% = 23.17;

61.8% = 22.75.

 

We are now within our retracement zone and we have also satisfied the minimum requirements for a completed wave -ii- with our drip below the 23.05 low on Friday.

 

We need to be on guard for the completion of wave -ii- and the start of a sharp rally higher in wave -iii-. We will provide an updated initial projection for the end of wave -iii- when we believe all of wave -ii- is complete.                                  

 

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 initially higher this past week reaching a high of 1.693% but after that high was made we moved sharply lower reaching a low of 1.473, closing at 1.482%!

 

The multi-decade bear market in US interest is now over as 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b* at the 1.693% high. We have now labeled our internal wave cunt for all of wave *b* to suggest that it has become a double 3 wave correction pattern, which now appears to be complete the to 1.693% high.

 

If that is the case then we should now be falling in wave *c*, which has a minimum target of the wave *a* low of 1.218%.

 

Another very bearish option is that the rally from 0.398% low to the 1.765% level is a 3 wave corrective rally, which would suggest that rates will be heading back to the 0.398% low. We currently do not see this as a plausible option, but from an Ewaves point of view it is.

 

Active Positions: Short risking to 1.770%!

 

Crude Oil:                                                                                     

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721oil.png

 

Long Term Update:                                                                          

             

Crude collapsed this past week reaching a low of 67.40, closing at 68.15!

 

It looks like all of wave i is complete at the 85.41 high and we are now falling in wave ii which has the following retracement levels:

 

50% = 45.96;

61.8% = 36.64.

 

Wave ii will likely take many months to develop, and we will see much lower prices ahead until this corrective wave ends.

 

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/2021/11/ewnov2721su.png

 

Long Term Update:

 

Suncor was lower this past week reaching a low of 24.20, closing at 24.77.

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low.

 

We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

It looks like our major breakout is going to be delayed as wave (iii) appears to be subdividing with wave -i- of (iii) ended at the 26.97 high. We are now falling in wave -ii- which has the following retracement levels:

 

50% = 21.94;

61.8% = 20.75.

 

We now expect lower prices as wave -ii- develops.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/09/ewsep2621spw.png

 

Long Term Update:

 

The SP500 initially made a new all-time high this past week at 4743.83, but by the end of the week we had closed lower at 4592.62!

 

We did have a key weekly reversal lower last week, which is likely indicating some sort of topping action.

 

We are still not sure whether all of wave (iv) ended at the 4278.97 low, as that corrective retracement was a bit shallow, but if it did then we have now satisfied all of the minimum requirements for a completed wave v of V. If this is the case then the SP500 multiple decade bull market has ended.

 

We will see how the markets react next week.

 

Active Positions: Flat.

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/11/renov2721usd.png

Long Term Update:

 

The USDX was higher this past week reaching a high of 96.94, closing at 96.10!

 

We have updated our count to suggest that within wave iii, all of wave (i) ended at 89.17. We are now rallying in wave (ii) which has the following retracement levels:

 

50% = 96.57;

61.8% = 98.31.

 

We are working on the assumption that all of wave (ii) ended at the 96.94 high and that we have started to move sharply lower in wave (iii).

 

We will provide our first projections for the end of wave (ii) this week in our Morning Posts.

 

We shorted this market early on Friday morning and sent alert to subs on it as we shorted!

 

Active Positions: Short risking to 97.00!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721cdnx.png

 

Long Term Update:

 

The CDNX was sharply lower this past week reaching a low of 937.86, closing at 944.05.

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

It looks like all of wave $i$ of -iii- ended at the 1025.77 high and we are now falling in wave $ii$. We have reached our 50% retracement level for all of wave $ii$ so we need to be guard for its completion and the start of another sharp rally in wave $iii$.

 

Our minimum multi-year 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/2021/11/ewnov2721gdx.png

 

Long Term Update:

 

The GDX was sharply lower this past week reaching a low of 31.64, closing at 32.12.

 

All of wave *ii* is finally complete at the 28.83 low and we are now rallying in wave *iii*, which has the following initial endpoint:

 

*iii* = 1.618*i* = 76.72.

 

Within wave *iii*, all of wave -i- of ^i^ of iii ended at 33.95  and all of wave -ii- at the 30.96 low. We are now rallying in wave -iii- which has and initial projected endpoint of:

 

-iii- = 1.618-i- = 39.24.

 

It looks like within wave -iii-, all of wave ^i^ ended at the 35.08 high and we are now falling in wave ^ii^ which should be complete at the 31.64 low. After wave ^ii^ ends we expect another sharp rally higher in wave ^iii^.

 

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!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721bit.png

Long Term Update:

 

Bitcoin was sharply lower this past week reaching a low of 53576, closing at 54451!

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

We have already entered our retracement zone for all of wave 2 or B, but we continue to doubt that it is complete so quickly. Within wave B or 2 we think all of wave (a) ended at the 28908 low.

 

Wave (b) is complete at the  68979 high. We are now falling in wave (c), back to at least the wave (a) low to complete all of wave 2 or B.

 

Wave 2 or B has become a flat correction.

 

Thanks!

Captain & Crew

 

NOV 21 WEEKLY CHARTS POST

 

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2121gold.png  

 

Long Term Update:

 

Gold was initially higher this past week reaching a high of 1879.50, although we closed at little lower at 1851.60.

                                                                          

All of wave -iii- ended at the 2089.20 high and our current preferred count is still suggesting that our lengthy wave -iv- bullish triangle is still underway.

 

Within that triangle we completed wave .c. at 1675.90 low and we are now rallying in wave .d..

 

Wave .d., looks to be turning into a 3 wave pattern as shown on our Daily Gold Chart, with all wave ^b^ ending at the 1721.10 low.

 

We are now rallying in wave ^c^ of *d*. Wave *d* cannot trade above the wave *b* high of 1919.20, other wise we will adopt one of our alternate counts.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

We are still short of our $iii$ projected high of 1911.20 so we believe after this current correction ends we will be moving higher again.

 

There’s an outside that chance that all of wave $iii$ ended at the 1879.50 high and if that is the case then we now correcting in wave $iv$.

 

If you look at past history you will see that wave $v$’s are usually stronger in the metals that wave $iii$’s.

 

Our current wave ^c^ of .d. rally has become an impulsive sequence with all of wave $i$ ending at the 1815.50 high and all of wave $ii$ at the 1758.50 low.

 

We are now rallying in wave $iii$ of ^c^, which has an initial projected endpoint of :

 

$iii$ = 1.618$i$ = 1911.20.

 

If wave $iii$ is still underway then we should expect higher prices next week.

 

Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-. 

 

Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.                       

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2121si.png

 

Long Term Update:

 

Silver was slightly lower this past week reaching a low of 24.61, closing at 24.78. 

                                                                  

All of wave ii of 3 ended at 21.41.

 

We are now rallying in the initial stages of wave iii, which has the following initial projected endpoint:

 

iii = 1.618i = 50.97.

 

We continue to rally in wave -iii- which has an initial projected endpoint of:

 

 -iii- = 1.618-i- = 28.73.

 

On the Intraday Chart the drop from 25.49 to the current low of 24.61 is corrective looking which I suggested that once this small correction ends silver will be moving higher again!                                  

 

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 initially higher this past week reaching a high of 1.646% but after that high was made we moved lower reaching a low of 1.521%, closing at 1.536%!

 

The multi-decade bear market in US interest is now over as 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b* at the 1.691% high. We think the current rally is a correction of the impulsive sequence that ran from 1.691% to 1.415%.

 

After this correction ends we expect yields to turn lower again as we fall in wave *c*, which has a minimum target of the wave *a* low of 1.218%.

 

This corrective rally may be complete at the 1.646% level

 

Another very bearish option is that the rally from 0.398% low to the 1.765% level is a 3 wave corrective rally, which would suggest that rates will be heading back to the 0.398% low. We currently do not see this as a plausible option, but from an Ewaves point of view it is.

 

Active Positions: Short risking to 1.770%!

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnovl2121oil.png  

 

Long Term Update:                                                                          

             

Crude was sharply lower this week reaching a low of 75.09, closing at 75.94!

 

We continue to work on wave i of C and within wave i, we believe we are still moving higher in wave (v). Within wave (v) we think wave $i$ ended at 85.41 and all or most of wave $ii$ at the 75.09 low. If that is the case then we should expect crude to start to move higher again in wave $iii$ of (v). We have now reached our 61.8% retracement level for all of wave $ii$.

 

The other unlikely option is that wave i of C is complete at the 85.41 high and we are now starting to fall in wave iii, which should retrace between 50 to 61.8% of the entire wave i rally.

 

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/2021/11/ewnov2121su.png

 

Long Term Update:

 

Suncor was lower this past week reaching a low of 24.71, closing at 25.03!

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low. We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

We are on the verge of a major breakout as shown on the Weekly Suncor Chart. We expect much higher prices in Suncor over the next couple of months.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov21sp.png

 

Long Term Update:

 

The SP500 moved basically sideways this past week although we closed a bit higher at 4697.96.

 

It appears unlikely now that all of wave (iii) ended at the 4545.85 high as the drop off that high to 4278.97 was likely too shallow to be all of wave (iv). It could be that we are still extending higher in wave (iii).

 

We continue to monitor, and will provide a further updates in the days ahead. We take real positions of size in this market.  Currently:

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2121usd.png

Long Term Update:

 

The USDX was higher this past week reaching a high of 96.27, closing at 96.03.

 

We have undated our count to now suggest that with wave -iii- of (i) of iii ended at the 89.17 low and that the current rally is wave -iv-, although the depth of the retracement is now around 61.8 which is getting a very deep for a wave -iv-. %,

 

The other very bearish option is that all of wave (i) of iii ended the 89.7 low and the current rally is wave (ii), which is nearing completion.

 

If this alternate count is correct then the USDX will be heading much lower than our current preferred count is suggesting.

 

We will likely be shorting this market soon and maybe early this week!

 

Active Positions: Flat!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2121cdnx.png  

 

Long Term Update:

 

The CDNX was initially marginally higher this past week reaching a high of 1025.77, although after that high was made we moved lower reaching a low of 974.03.

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

It looks like all of wave $i$ of -iii- ended at the 1025.77 high and we are now falling in wave $ii$.

 

Our minimum multi-year 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/2021/11/ewnov2121gdx.png

 

Long Term Update:

 

The GDX was initially marginally higher this past week reaching a high of 35.08, although after that high was made we moved lower reaching a low of 33.66, closing at 33.67!.

 

All of wave *ii* is finally complete at the 28.83 low and we are now rallying in wave *iii*, which has the following initial endpoint:

 

*iii* = 1.618*i* = 76.72.

 

Within wave *iii*, all of wave -i- of ^i^ of iii ended at 33.95  and all of wave -ii- at the 30.96 low. We are now rallying in wave -iii- which has and initial projected endpoint of:

 

-iii- = 1.618-i- = 39.24.

 

It looks like within wave ^i^ wave $iii$ ended at the 35.08 and we are now falling in an almost complete wave $iv$ correction. After wave $iv$ ends we expect one more rally in wave $v$ to complete all of wave ^i^ of -iii-.

 

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 added to our long positions this week also.

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2121bit.png

Long Term Update:

 

Bitcoin was sharply lower this past week reaching a low of 55655, closing at 59548!

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or B which, basis the counts, has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

We have already entered our retracement zone for all of wave 2 or B, but we continue to doubt that it is complete so quickly.

 

Within wave B or 2 we think all of wave (a) ended at the 28908 low.

 

We are now rallying in wave (b) which now looks to be complete at the 68979 high.

 

Time continues to be an issue, and so we expect to fall back in wave (c) back to at least the wave (a) low to complete all of wave 2 or B.

 

Wave 2 or B has become a flat correction.

 

Editor note:  Your editor, as I’m sure many of the subs are… is interested to hear about even the roughest projections for the Bitcoin C wave rally.  He’ll be discussing possible targets with athe Captain this week, and relaying directly to you!

 

Thanks!

Captain & Crew

NOV 14 WEEKLY CHARTS POST!

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov1421gold.png

 

Long Term Update:

 

Gold was sharply higher this past week reaching a high of 1871.40, closing at 1868.50!

                                                                          

All of wave -iii- ended at the 2089.20 high and our current preferred count is still suggesting that our lengthy wave -iv- bullish triangle is still underway.

 

Within that triangle we completed wave .c. at 1675.90 low and we are now rallying in wave .d..

 

Wave .d., looks to be turning into a 3 wave pattern as shown on our Daily Gold Chart, with all wave ^b^ ending at the 1721.10 low.

 

We are rallying in wave ^c^ of *d*. Wave *d* cannot trade above the wave *b* high of 1919.20, otherwise we will adopt one of our alternate counts.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

This week we continued to march higher as broke after significant resistance at the 1835/1840 level and also breaking and closing above the major down trendline connecting 2089.40 and 1919.20.

 

We broke above our head and shoulder bottoming formation neckline.

 

It was a quite a bullish week for gold!!

 

Our current wave ^c^ of .d. rally has become an impulsive sequence with all of wave $i$ ending at the 1815.50 high and all of wave $ii$ at the 1758.50 low.

 

We are now rallying in wave $iii$ of ^c^, which has an initial projected endpoint of :

 

$iii$ = 1.618$i$ = 1911.20.

 

We still expect higher prices next week within wave $iii$.

 

Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-. 

 

Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.                       

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov1421si.png

 

Long Term Update:

 

Silver was higher this past week reaching a high of 25.47, closing at 25.35!  

                                                                  

All of wave ii of 3 ended at 21.41.

 

We are now rallying in the initial stages of wave iii, which has the following initial projected endpoint:

 

iii = 1.618i = 50.97.

 

We reached our 24.94 resistance level and it looks like all of wave -i- of iii ended at the 24.92 low and we are now falling in wave -ii-, which is not complete at the 23.05 high.

 

We continue to rally in wave -iii- which has an initial projected endpoint of:

 

-iii- = 1.618-i- = 28.73.

 

We also broke through the neckline of our head and shoulder bottoming formation on the Daily Silver Chart.

 

We expect higher prices next week as next major resistance is the down trendline connection 30.35 and 28.95. This line crosses at about 26.25/26.40 right now.                                         

 

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 were initially lower this past week reaching a low of 1.415, but by the end of week we had moved higher reaching a high of 1.592%, closing at 1.589%!

 

The multi-decade bear market in US interest is now over as it ended at the 0.398% low.

 

Over the next couple of decades, we are 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b* at the 1.691% high. We think the current rally is a correction of the impulsive sequence that ran form 1.691% to 1.415%. After this correction ends we expect yields to turn lower again as we fall in wave *c*, which has a minimum target of the wave *a* low of 1.218%.

 

Another very bearish option is that the rally from 0.398% low to the 1.765% level is a 3 wave corrective rally, which would suggest that rates will be heading back to the 0.398% low.

 

We currently do not see this as a plausible option, but from an Ewaves point of view it is.

 

Active Positions: Short risking to 1.770%!

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov1421oil.png

 

Long Term Update:                                                                          

             

Crude had a large trading range this week ranging from 84.97 to 79.78, closing lower on the week at 80.79.

 

We continue to work on wave i of C and within wave i, with our wave (iv) bullish triangle ended at the 69.39 low, as shown on our Daily Crude Chart.

 

We are thrusting higher in wave (v), which see a run to the $90/95 level below it ends.

 

Next major resistance is the 91.24 level.

 

We have satisfied all of the minimum requirements for completed wave (v) based on price, but the internal wave structure is still not complete at the 85.41 high, so we expect higher prices lie ahead before all of wave i ends.

 

After wave i ends we expect a wave ii correction that retraces between 50 to 61.8% of the entire wave i rally.

 

On the Intraday Chart crude may be working on s till developing bullish triangle, which suggest higher prices lie ahead after this formation ends.

 

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/2021/11/ewnov1421su.png

 

Long Term Update:

 

Suncor was lower this past week reaching a low of 25.44, closing at 25.77.

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low. We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

We are on the verge of a major breakout as shown on the Weekly Suncor Chart. We expect much higher prices in Suncor over the next couple of months.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov1421sp.png

 

Long Term Update:

 

The SP500 moved sideways this past week although we closed lower at 4682.85.

 

It appears unlikely now that all of wave (iii) ended at the 4545.85 high as the drop off that high to 4278.97 was likely too shallow to be all of wave (iv).

 

It could be that we are still extending higher in wave (iii).

 

We will take another look and provide further updates in the days ahead.

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov1421usd.png

 

Long Term Update:

 

The USDX was higher this past week reaching a high of 95.27, closing at 95.13!

 

Our wave *iv* of -iii- bearish triangle was eliminated this week and we have updated our count to now suggest that with wave -iii- of (i) of iii ended at the 89.17 low.

 

 

 

The current rally is wave -iv-, although the depth of the retracement is now around 50%, which is getting a bit deep for a wave -iv-.

 

The option very bearish option is that all of wave (i0 of iii ended the 89.7 low and the current rally is wave (ii), which is nearing completion.

 

If this alternate count is correct then the USDX will be heading much lower than our current preferred count is suggesting.

 

We will likely be shorting this market again early next week.

 

Active Positions: Flat!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov1421cdnx.png

 

Long Term Update:

 

The CDNX was sharply higher this past week, reaching a high of 1023.70 and closing on its high of 1023.70!

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

We may be getting close to the completion of wave $i$ of -iii-, so after it ends we should expect a wave $ii$ correction that retraces between 50 to 61.8% of the entire wave $i$ rally.

 

Our minimum multi-year 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/2021/11/ewnov1421gdx.png

 

Long Term Update:

 

The GDX was sharply higher this past week reaching a high of 35.01, closing at 34.77!

 

All of wave *ii* is finally complete at the 28.83 low and we are now rallying in wave *iii*, which has the following initial endpoint:

 

*iii* = 1.618*i* = 76.72.

 

Within wave *iii*, all of wave -i- of ^i^ of iii ended at 33.95  and all of wave -ii- at the 30.96 low. We are now rallying in wave -iii- which has and initial projected endpoint of:

 

-iii- = 1.618-i- = 39.24.

 

We also broke through the neckline of our head and shoulders bottoming formation. 

 

We expect higher prices again next week.

 

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 added to our long positions this week also.

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov1421bit.png

Long Term Update:

 

Bitcoin was higher this past week reaching a high of 68979 closing at 64304!

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

We have already entered our retracement zone for all of wave 2 or B, but we continue to doubt that it is complete so quickly. Within wave B or 2 we think all of wave (a) ended at the 28908 low. We are now rallying in wave (b) which now looks to be complete at the 68979 high. We still expect to fall back in wave (c) back to at least the wave (a) low to complete all of wave 2 or B.

 

Wave 2 or B has become a flat correction.

 

Thanks!

Captain & Crew

 

OCT 31 WEEKLY CHARTS POST!

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/10/2021oc31gold1.png

 

Long Term Update:

 

Gold moved basically sideways this past week although we closed a bit lower at 1783.90.

                                                                          

All of wave -iii- ended at the 2089.20 high and that we are now falling in an ongoing lengthy wave -iv- bullish triangle.

 

Within that triangle we completed wave *c* at 1675.90 low and we are now rallying in wave *d*.

 

Wave *d*, looks to be turning into a 3wave pattern as shown on our Daily Gold Chart, with all wave $b$ ending at the 1721.10 low.

 

We are rallying in wave $c$ of *d*. Wave *d* cannot trade above the wave *b* high of 1919.20.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

We attempted our ‘big breakout’ last next week, trying to close above the red downtrend line connecting 1919.20 and 1836.90, and we closed right on that line.

 

We still have not cleanly broken through and closed above that line on a weekly basis and…

 

We now have conflicting counts;

 

On the Intraday Chart the rally from 1721.10 to 1815.50 looks to be a completed 5 wave impulsive with our bullish triangle possibly ending at 1776.90 and possibly our thrust at 1815.50. The thrust leg did not extend higher, so the drop from 1815.50 to the current low of 1772.40 is the correction of that impulsive rally.

 

The other option is that we are working on an expanding and extending bullish triangle that started at the 1745.90 low and did not end at the 1776.90 low. In this option we may have completed 3 out of 5 points of this triangle at 1745.90, 1815.50 and 1772.50. This last point may not be complete at the 1772.50 low also.

 

If that is the case then we should now be rallying the 4th point, although for this triangle to remain valid we cannot rally above the 1815.50 high.

 

After this next rally we expect one more drop that cannot drop below the 1772.50 low. After this extended bullish triangle ends we should expect a very large thrust higher.

 

This thrust may complete all of wave .d.

 

Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-. 

 

Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.                       

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc3121si1.png

 

Long Term Update:

 

Silver was also lower this past week reaching a low of 23.70, as we projected it would likely be, closing at 23.95.  

                                                                  

All of wave ii of 3 ended at 21.41. We are now rallying in the initial stages of wave iii, which has the following initial projected endpoint:

 

iii = 1.618i = 50.97.

 

We reached our 24.94 resistance level and it looks like all of wave -i- of iii ended at the 24.92 low and we are now falling in wave -ii-. We are still a bit short of our 50% retracement level for all of wave -ii- so we expect some further weakness early next week.

 

The wave -ii- correction is expected to retrace between 50 to 61.8% 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 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 1.520, closing at 1.557%.

 

The multi-decade bear market in US interest is now over as 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b* at the 1.691% high. Note the ending diagonal triangle formation that is shown on our Daily US 10 Year Bond Yield Chart. We broke below the lower trend line of our ending diagonal triangle formation connecting 1.463% and 1.507% and it looks like we successfully tested that breakdown in Friday’s trading.

 

We expect lower prices now as we fall in wave *c*, which as a minimum target of the wave *a* low of 1.218%.

 

Another very bearish option is that the rally from 0.398% low to the 1.765% level is a 3 wave corrective rally, which would suggest that rates will be heading back to the 0.398% low. We currently do not see this as a plausible option, but from an Ewaves point of view it is.

 

Active Positions: Short again risking to 1.770%

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc3121oil.png

 

Long Term Update:                                                                          

             

Crude was initially higher this past week reaching a high of 85.41, although we closed marginally lower at 83.57.

 

We continue to work on wave i of C and within wave i, with our wave (iv) bullish triangle ended at the 69.39 low, as shown on our Daily Crude Chart.

 

We are now thrusting higher in wave (v), which see a run to the $90/95 level below it ends. Next major resistance is the 91.24 level.

 

We have now satisfied all of the minimum requirements for completed wave (v) based on price, but the internal wave structure is still not complete at the 84.22 high, so we expect higher prices lie ahead before all of wave i ends.

 

After wave i ends we expect a wave ii correction that retraces between 50 to 61.8% of the entire wave i rally.

 

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/2021/10/ewoc3121su.png

 

Long Term Update:

 

Suncor ripped aggressively higher this past week, reaching a high of 26.64, closing at 26.30 being up about 15% on the week!

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low. We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

We are on the verge of a major breakout as shown on the Weekly Suncor Chart.

 

We expect much higher prices in Suncor over the next couple of months.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc3121sp.png

 

Long Term Update:

 

The SP500 was sharply higher again this past week reaching another all-time high of 4608.08, closing at 4605.38!

 

We still think that all of wave (iii) is complete at the 4545.85 high and we are now starting to fall in wave (iv), which has the following retracement levels;

 

23.6% = 4125.95;

38.2% = 3866.19.

 

It looks like wave (iv) has become an irregular type correction, although we are still not sure of the exact internal wave structure of this correction.

 

Active Positions: Flat.

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc3121usd.png

Long Term Update:

 

The USDX was initially lower this past week reaching a low of 93.26, although we closed higher at 94.12!

 

We continue to work on a bearish wave *iv* of -iii- triangle, although it looks like wave $c$ of *iv* is still underway, although it could now be complete at the 94.57 high. Wave $c$ can rally as high as the wave $a$ high of 94.80, for our current bearish triangle option to remain valid. After wave $c$ ends we still expect a wave *d* drop that cannot fall below the wave *b* low of 89.17 for our current triangle formation to remain valid.

 

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

 

-iii- = 2.618-i- = 86.26.

 

Active Positions: Flat.

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc3121cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week reaching ahigh of 966.57, closing at 950.48!

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

We still expect higher prices again next week as wave -iii- gets going higher, although we still have some previous resistance levels to get through.

 

Our minimum multi-year 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/2021/10/ewoc3121gdx.png

 

Long Term Update:

 

The GDX was lower this past week reaching a low of 31.80, closing at 31.71!

 

We are now working on the assumption that all of wave *ii* is finally complete at the 28.83 low and if that is the case then we are now rallying in wave *iii*, which ash the following initial endpoint:

 

*iii* = 1.618*i* = 76.72.

 

It looks like all of wave -i- of ^i^ of iii is now complete at the 33.95 high and we now falling in wave -ii-.

 

The current low for wave -ii- is still a bit short of our 50 % retracement level so we expect some further weakness early next week before all of wave -ii- ends.

 

Note that we are forming the right shoulder of our head and shoulders bottoming formation now.

 

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!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc3121bit.png

Long Term Update:

 

Bitcoin was lower this past week reaching a low of 58128, closing at 60411!

 

All of wave 1 or A is now complete at the 64860 high. We are falling in wave 2 or B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

We have already entered our retracement zone for all of wave 2 or B, but we continue to doubt that it is complete so quickly.

 

Within wave B or 2 we think all of wave (a) ended at the 28908 low.

 

We are now rallying in wave (b) which now looks to be complete at the 66981 high. We should now be falling in wave (c) back to at least the wave (a) low to complete all of wave 2 or B.

 

Wave 2 or B has become a flat correction, as opposed to a simple zigzag.

 

Thanks!

Captain & Crew

OCT 24 WEEKLY CHARTS POST!

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc2421gold.png

 

Long Term Update:

 

Gold moved higher this past week reaching a high of 1815.50, closing at 1796.30!

                                                                          

All of wave -iii- ended at the 2089.20 high and that we are now falling in an ongoing lengthy wave -iv- bullish triangle.

 

Within that triangle we completed wave *c* at 1675.90 low and we are now rallying in wave *d*.

 

Wave *d*, looks to be turning into a 3 wave pattern as shown on our Daily Gold Chart, with all wave $b$ ending at the 1721.10 low. We are now rallying in wave $c$ of *d*. Wave *d* cannot trade above the wave *b* high of 1919.20.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

We attempted our big breakout last next week, trying to close above the red downtrend line connecting 1919.20 and 1836.90, and we closed right on that line!

 

We expect the cleanly break through and close above that line next week.

 

We also note that on the Intraday Chart the rally from 1721.10 to 1815.50 looks to be a completed 5 wave impulsive with our bullish triangle ending at 1776.90 and possibly our thrust at 1815.50.

 

It is still possible that our thrust leg could extend much higher before all of this impulsive sequence ends. If we are now correcting that impulsive sequence then we should expect gold to be weaker early next week, before moving shapely higher again, after this correction ends.

 

This correction should coincide with the possible correction we could start to see in the GDX (See below).

 

Of course this bullish triangle could also expand and extend, but one step at a time. 

 

Alternate count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-. 

 

Alternate count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.          

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc2421si.png

 

Long Term Update:

 

Silver was sharply higher this past week reaching a high of 24.92, closing at 24.45!  

                                                                  

All of wave ii of 3 ended at 21.41. We are now rallying in the initial stages of wave iii, which has the following initial projected endpoint:

 

iii = 1.618i = 50.97.

 

We got our big breakout higher last week and are now challenging the 24.94 resistance level.

 

We may be getting close to completing wave -i- of iii, possibly at the 24.92 high, and after it ends we expect a wave -ii- correction that retraces between 50 to 61.8% 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 a put as a stop!

 

US 10 Year Bond Yield:

                                                                                               

Long Term Update:

 

The 10 Year US Bond Yield was higher this past week reaching a high of 1.691%, closing at 1.655%!

 

The multi-decade bear market in US interest is now over as 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b* at the 1.691% high. Not the ending diagonal triangle formation that is shown on our Daily US 10 Year Bond Yield Chart.

 

We also had a key daily reversal lower in Friday’s trading. A break below the lower trend line of our ending diagonal triangle formation connecting 1.463% and 1.507% will confirm that all of wave *b* ended at the 1.691% high.

 

After wave *b* ends we expect another drop in wave *c*, which as a minimum target of the wave *a* low of 1.218%.

 

Another very bearish option is that the rally from 0.398% low to the 1.765% level is a 3 wave corrective rally, which would suggest that rates will be heading back to the 0.398% low. We currently do not see this as a plausible option, but from an Ewaves point of view it is.

 

Active Positions: Flat.

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc2421oil.png

 

Long Term Update:                                                                          

             

Crude was sharply higher this past week reaching a high of 84.22, closing at 83.76!

 

We continue to work on wave i of C and within wave i, with our wave (iv) bullish triangle ended at the 69.39 low, as shown on our Daily Crude Chart. We are now thrusting higher in wave (v), which see a run to the $90/95 level below it ends. Next resistance is the 91.24 level.

 

We have now satisfied all of the minimum requirements for completed wave (v) based on price, but the internal wave structure is still not complete at the 84.22 high, so we expect higher prices lie ahead before all of wave i ends.

 

After wave i ends we expect a wave ii correction that retraces between 50 to 61.8% of the entire wave i rally.

 

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/2021/10/ewoc2421su.png

 

Long Term Update:

 

Suncor was lower this past week reaching a low of 22.40, closing at 22.86!

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low. We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

We expect much higher in Suncor over the next couple of months.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc2421sp.png

 

Long Term Update:

 

The SP500 was sharply higher this past week reaching another all-time high of 4559.67, closing at 4544.90!

 

We sthink that all of wave (iii) is complete at the 4545.85 high and we are now starting to fall in wave (iv), which has the following retracement levels;

 

23.6% = 4125.95;

38.2% = 3866.19.

 

It looks like wave (iv) has become a flat or irregular type correction, although we are still not sure of the exact internal wave structure of this correction.

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc2421us.png

 

Long Term Update:

 

The USDX was lower this past week reaching a low of 93.47, closing at 93.62!

 

We continue to work on a bearish wave *iv* of -iii- triangle, although it looks like wave $c$ of *iv* is still underway, although it could now be complete at the 94.57 high.

 

Wave $c$ can rally as high as the wave $a$ high of 94.80, for our current bearish triangle option to remain valid.

 

After wave $c$ ends we still expect a wave *d* drop that cannot fall below the wave *b* low of 89.17 for our current triangle formation to remain valid.

 

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

 

-iii- = 2.618-i- = 86.26.

 

Active Positions: Flat.

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc2421cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week reaching ahigh of 954.50, closing at 948.84!

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

We expect higher prices again next week as wave -iii- gets going higher, although we still have some previous resistance levels to get through.

 

Our minimum multi-year 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/2021/10/ewoc2421gdx.png

 

Long Term Update:

 

The GDX was higher again this past week reaching a high of 33.95, closing at 32.99!

 

We are now working on the assumption that all of wave *ii* is finally complete at the 28.83 low and if that is the case then we are now rallying in wave *iii*, which ash the following initial endpoint:

 

*iii* = 1.618*i* = 76.72.

 

We need to be on guard for the possibly that all of wave -i- of ^i^ of iii is now complete at the 33.95 high and if that is the case then we should expect a drop in wave -iii- which retraces between 50 to 61.8% of the entire wave -i- rally. expect higher prices next week.

 

Wave -i- could extend higher also, but the GDX had come a low way since the end of wave *ii* occurred at the 28.83 low

 

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 added to our long positions this week also.

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc2421bit.png

 

Long Term Update:

 

Bitcoin was initially sharply higher again this past week reaching an all-time high of 66981 although we closed lower at 60399!

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

We have already entered our retracement zone for all of wave 2 or B, but we continue to doubt that it is complete so quickly. Within wave B or 2 we think all of wave (a) ended at the 28908 low.

 

We are now rallying in wave (b) which now looks to be complete at the 66981 high.

 

We should now be falling in wave (c) back to at least the wave (a) low to complete all of wave 2 or B.

 

Wave 2 or B has become a flat correction, as opposed to a simple zigzag.

 

Thanks!

Captain & Crew

OCT 17 WEEKLY CHARTS POST!

                  End of Week Post!

 

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc1721gold.png

 

Long Term Update:

 

Gold moved higher this past week reaching ahigh of 1801.90, closing at 1768.30!

                                                                          

All of wave -iii- ended at the 2089.20 high and that we are now falling in an ongoing lengthy wave -iv- bullish triangle.

 

Within that triangle we completed wave *c* at 1675.90 low. If that is the case then we are now rallying in wave *d*.

 

Wave *d*, looks to be turning into a 3 wave pattern as shown on our Daily Gold Chart, with all wave $b$ ending at the 1721.10 low.

 

If that is the case then we should now be rallying higher in wave $c$ of *d*. Wave *d* cannot trade above the wave *b* high of 1919.20.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

We expect big breakout action this week!!!

 

This bullish triangle could also expand and extend, but one step at a time. 

 

Alternate count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-. 

 

Alternate count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.             

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc1721si.png

 

Long Term Update:

 

Silver was higher this past week reaching a high of 23.65, closing at 23.35!  

                                                                  

All of wave i of 3 ended at 29.9 1 and we now think all of wave ii ended at 21.41 low. We are now rallying in the initial stages of wave iii, which has the following initial projected endpoint:

 

iii = 1.618i = 50.97.

 

We expect a big breakout higher next week.                                           

 

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 1.507%, closing at 1.576%!

 

The multi-decade bear market in US interest is now over as 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We are currently thinking that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all or most of wave *b* at the 1.617% high. If that is the case we should soon be falling in wave *c*, which as a minimum target of the wave *a* low of 1.218%.

 

Another very bearish option is that the rally from 0.398% low to the 1.765% level is a 3 wave corrective rally, which would suggest that rates will be heading back to the 0.398% low. We currently do not see this as a plausible option, but from an Ewaves point of view it is.

 

Active Positions: Flat.

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc1721oil.png

 

Long Term Update:                                                                          

             

Crude was higher this past week reaching a high of 82.18, closing at 81.73!

 

We continue to work on wave i of C and within wave i, with our wave (iv) bullish triangle ended at the 69.39 low, as shown on our Daily Crude Chart.

 

We are now thrusting higher in wave (v), which see a run to the $90/95 level below it ends.

 

We have now satisfied all of the minimum requirements for completed wave (v) based on price, but the internal wave structure is still not complete at the 82.18 high, so we expect higher prices lie ahead, before all of wave i end.

 

After wave i ends we expect a wave ii correction that retraces between 50 to 61.8% of the entire wave i rally.

 

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/2021/10/ewoc1721su.png

 

Long Term Update:

 

Suncor was higher this past week reaching a high of 24.09, closing at 23.51!

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low. We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

We expect much higher in Suncor over the next couple of months.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc1721sp.png

 

Long Term Update:

 

The SP500 was sharply higher this past week reaching a high of 4475.82, closing at 4471.37!

 

We still think that all of wave (iii) is complete at the 4545.85 high and we are now starting to fall in wave (iv), which has the following retracement levels;

 

23.6% = 4125.95;

38.2% = 3866.19.

 

Our current internal wave structure for wave (iv) was eliminated in Friday’s trading, but we will have another option to present in our Monday post.

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc1721usd.png

 

Long Term Update:

 

The USDX was initially higher this past week reaching ahigh of 94.57, although we closed lower at 93.94!

 

We continue to work on a bearish wave *iv* of -iii- triangle, although it looks like wave $c$ of *iv* is still underway, although it could now be complete at the 94.57 high.

 

Wave $c$ can rally as high as the wave $a$ high of 94.80, for our current bearish triangle option to remain valid.

 

After wave $c$ ends we still expect a wave *d* drop that cannot fall below the wave *b* low of 89.17 for our current triangle formation to remain valid.

 

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

 

-iii- = 2.618-i- = 86.26.

 

Active Positions: Flat.

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc1721cdnx.png

 

Long Term Update:

 

The CDNX was sharply higher this past week reaching ahigh of 937.67 and closing on its high of 937.67!

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

We expect higher prices again next week as wave -iii- gets going higher.

 

Our minimum multi-year 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/2021/10/ewoc1721gdx.png

 

Long Term Update:

 

The GDX was sharply higher again this past week reaching a high of 32.93, closing at 32.52, even as gold only gained about $10!

 

We are now working on the assumption that all of wave *ii* is finally complete at the 28.83 low and if that is the case then we are now rallying in wave *iii*, which ash the following initial endpoint:

 

*iii* = 1.618*i* = 76.72.

 

We expect higher prices this week!

 

Our current projection for the end of 3 is:

 

-3- = 2.618 (-1-) = 66.37.                                         

 

We have higher targets also.

 

Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops and we added to our long positions this week also.

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/10/ewoc1721bit.png

Long Term Update:

 

Bitcoin was sharply higher again this past week reaching a high of 62890, closing at 60886!

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

We have already entered our retracement zone for all of wave 2 or B, so it could be complete…

 

But we continue to doubt that it is completed so quickly.

 

Within wave B or 2 we think all of wave (a) ended at the 28908 low. We are now rallying in wave (b) and after it ends we expect one more drop in wave (c) back to at least the wave (a) low to complete all of wave 2 or B.

 

Wave 2 or B has become a flat or irregular type correction, as opposed to a simple zigzag!

 

Active Positions: Flat!

 

Thanks!

Captain & Crew