DEC 30 AM UPDATE

MORNING UPDATE FOR CAPTAIN EWAVE SPECULATORS: 

Gold:

Nothing new to add to yesterday's End of Day Post on this market. We needed to break above the down trend line connecting 1238.90 and 1223.80 and now the recent high of 1199.10 to remove all doubt that wave .ii. of -iii- ended at 1170.80.

 ST COMMENTS: AND WE DID SO TODAY!

Crude:

We are making a change to where we think our wave -iv- of iii triangle formation ended. We think it now ended at 56.58. So we are now in wave -v- of iii and from the wave -iv- high of 56.58, wave -v- looks like:

.i. = 54.52;

.ii. = 55.73;

.iii. = 52.72. Note that .iii.=1.618.i.=52.40;

.iv. = 53.66, if complete

.v. to go to complete all of wave -v- and iii of C.

Crude is very close to a major turn up in wave iv!

 

S&P:

Like the USDX our longer term comments on this market remain unchanged.We will try to have a 60 min chart for the End of Day Posting today, to show where we believe this market is at.

 

HUI/GDX:

 

The GDX 60 min chart indicates our thinking on the HUI. No change since then. Stewart will try to send it out daily.

 

USDX:

 

Our longer term comments remain unchanged.

 

NG:

 

NG was slighter weaker in the overnight session, to a low of 3.13 We are now thinking that all of wave ii ended at 2.97 and that we have started wave iii higher, and this has become our preferred count for this market. See that attached updated daily chart for NG.

 

A break of the down trend line connecting 4.53 and 3.94, would confirm that wave ii ended at 2.97 as we suspect.

 

In the shorter term the current rally from 2.97 to 3.21 is impulsive and is likely all of wave .i. We are currently correcting in wave .ii. Wave .ii. should retrace between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the wave .i. advance which is 3.09 and 3.06 respectively.

Recommendation: We will buy 2 positions at 3.07,  risking to 2.96.

Captain OUT!