DEC 13 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Subscribers Note: For 2021, the Captain and Crew are thinking about holding a series of podcast Q&A sessions, once a month or so. Let your us know your interest in attending. 

 

We might limit each session to about 10 Subscribers so all questions can be answered in detail.

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2020/12/ewdec1320gold.png

 

Long Term Update:

 

Gold was initially higher this past week, to 1879.80, but by the end of the week we had closed at 1843.80.

                                                                          

We continue to work on the assumption that wave *iii* is subdividing with all of wave ^i^ of *iii* ending at 2077.90.

 

We are dropping in wave ^ii^, which has the following retracement levels:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 1767.70;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 1694.50.

 

The failure to hold the 1848.00/1851.00 breakout earlier this week strongly suggests to us that wave ^ii^ is still underway…

 

and has become a double 3 wave corrective pattern as shown on our Daily Gold Chart.

 

We should now be falling in our second wave (c ), which has minimum target of 1767.20, but likely lower than that.

 

We are reiterating our intention to add more long positions at 1735.00!

 

Our current initial projected endpoint for all of wave *iii* is:                                                 

 

*iii* = 1.618*iii* = 2306.30.

 

We do have higher projections also.  

 

We plan to add to our long gold at 1735.00.       

                              

Active Positions: Long with puts as stops, and will add at 1735.00!   

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2020/12/2020dec13si.png

 

Long Term Update:

 

Silver was initially higher this past week reaching a high of 25.01, but we closed lower at 24.09.  

                                                                  ,

We continue to believe that wave ii of 3 is still underway, with the following retracement levels:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 20.78;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 18.62.

 

Based on the weakness in gold and the failure of silver to reach its 50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level within ii, we strongly believe that our wave ii correction is still underway.

 

The wave ii silver corrective pattern includes bearish triangle in wave -b- which likely ended at the 25.02 high. If that is the case we are now falling in wave -c- which should reach our 50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level for all of wave ii before this correction ends.

 

We have additional buy orders at 19.50.

 

After wave ii ends we expect a very sharp rally in wave iii, and we will provide or initial projected endpoint for 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.

 

We plan to add to our long silver positions at 19.50.

 

Active Positions: Long at 14.85, with a put as a stop, and will add at 19.50.

 

US 10 Year Bond Yield:

 

Long Term Update:

 

The 10 Year US Bond Yield moved lower this past week reaching a low of 0.873, closing at 0.893{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}.

 

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

 

Within our wave *iii* drop it looks like wave ^i^ ended at 0.568{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}. It has taken a while but we did finally reach our minimum target of 0.957{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} this week, and we are now waiting for confirmation at all of wave ^ii^ is complete at the 0.986{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} high.

 

After wave ^ii^ ends we expect a sharp drop in rates in wave ^iii^, which should see rates go below zero.  

 

Active Positions: Flat.

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2020/12/ewdec1320oil.png

 

Long Term Update:                                                                          

             

Crude was higher this past week reaching a high of 47.74, closing at 46.57.                                                                                      

 

We continue to believe that all of wave (ii) is complete at the 33.64 low. If that is the case then we should now being rallying sharply in wave (iii) that has an initial projected endpoint of:

 

(iii) = 1.618(i) = 93.96.

 

Within wave (iii), we are now working on wave -i-, which still has higher to go. A run to the 50.00/55.00 level seems likely before we get another larger correction, in wave -ii-.  

 

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

 

C= A = 153.77!

C= 1.618A = 244.78!

 

Suncor:                                                                   

 

Weekly Suncor Chart: https://captainewave.com/wp-content/uploads/2020/12/ewdec1320su.png

 

Long Term Update:

 

Suncor was higher this past week reaching a high of 18.94, closing at 18.59.

 

It looks like wave i ended at 21.73 and all of a very deep wave ii correction ended at 10.67. If that is the case then we are now rallying sharply higher in wave iii.

 

Our initial projection for the end of wave iii is:

 

iii = 1.618i = 30.73.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2020/12/ewdec1320sp.png

 

Long Term Update:

 

The SP500 was initially higher this past week reaching another all-time high 3712.39, although we closed lower at 3663.46.  

 

We continued to rally higher now in wave -iii-, which has a projected endpoint of:

 

-iii- = 1.618-i- = 3710.44.

 

We have now reached our wave -iii- projected endpoint and need to be guard for the end of wave -iii- and the start of a wave -iv- drop. Wave -iv- should retrace between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave -iii- rally.

 

We will provide those levels when we believe that all of wave -iii- is complete.

 

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

 

(iii) = 1.618(i) = 4001.14.

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2020/12/ewdec1320usd.png

 

Long Term Update:

 

The USDX was higher this past week reaching a high of 91.24, closing at 90.92.

 

We are still working on wave -iii-, and have now exceed of initial endpoint of:

 

-iii- = 1.618-i- = 91.88.

 

The next projected endpoint for all of wave -iii- is:

 

-iii- = 2.618-i- = 86.26.

 

It seems like a drop to at least the 88.00 level appears likely before all of wave -iii- ends, although the USDX has stabilized at these current lows, so a wave -iv- rally may be imminent.

 

The wave -iv- rally should retrace between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave -iii- drop.

 

Active Positions: Flat!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2020/12/ewdec1320cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week, reaching a high of 790.63 and closing at 780.30.

 

We continue to rally in wave -iii- of .i., and within wave -iii- it now looks like wave (iv) is now complete at the 665.61 low. We should now be rallying in wave (v) of -iii- which has the following projected endpoint:

 

-iii- = 6.25-i- = 870.15.  

 

Within wave (v) we are approaching our initial projected endpoint for all of $iii$, after which we expect a small wave $iv$ correction.                                                         

 

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

 

Our minimum target for the end of wave C is 3341.56!

 

Active Positions: Long the GDXJ and some quality CDNX-listed stocks… for a long-term hold!

 

GDX: 

 

Weekly GDX Chart: https://captainewave.com/wp-content/uploads/2020/12/ewdec1320gdx.png

 

Long Term Update:

 

The GDX was initially higher this past week reaching a high of 36.92, but we closed lower, at 35.08.

 

As you can see in our Weekly GDX we now believe 3 is subdividing with all of wave *i* of 3 ended at the 45.78 high and that we are correcting in wave *ii* of 3, which that following retracement levels:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 30.98;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 27.49.

 

The current low for this correction is 33.25, which is still above our 50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level, which is suggesting more weakness in this market, especially with gold looking to move further in its incomplete wave ^ii^ correction.

 

After wave *ii* ends we expect a very sharp rally in wave *iii* of 3.

 

Our updated projection for the end of 3 is:

 

3 = 2.618 (-1-) = 66.37.

 

We do have higher targets also.

 

We plan to add to our long positions at 29.75.  

 

Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops and will add to the GDX at 29.75!

 

Thanks!

Captain & Crew