DEC 5 WEEKLY CHARTS POST!

Weekly Charts Post! 

 

 

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec421gold.png

 

Long Term Update:

 

Gold was lower this past week reaching a low of 1762.20, although we closed only marginally lower at 1783.90.

                                                                          

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.

 

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/ewdec421si.png

 

Long Term Update:

 

Silver was lower this past week reaching a low of 22.03, closing at 22.48.  

                                                                  

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.

 

All of wave -i- of iii ended at the 24.92 high and we are still working on a complex irregular type wave -ii- of iii correction.

 

Our last retracement level for all of wave -ii- is:

 

78.6% = 22.16.

 

We have reached this 78.6% retracement level so silver now needs to turn higher now otherwise:

 

We go back to the 21.41 low in a continuation of wave ii.

 

We did have a key daily reversal higher in Friday’s trading session, which is a bullish sign and may indicate that all of wave -ii- is complete at the 22.03 low.

 

After wave -ii- ends we expect a very 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 sharply lower this past week reaching a low of 1.343% and we closed on that low of 1.343%!

 

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/ewdec421oil.png

 

Long Term Update:                                                                          

             

Crude was lower this past week reaching a low of 62.43, closing at 66.26!

 

We updated our count his week to now suggest 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 was are working on wave -c- which may now be completed at the 62.43 low. Wave -c- cannot drop below the wave -a- low of 57.25 for this triangle option to remain valid.

 

After wave -c- ends we expect another rally 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/ewdec421su.png

 

Long Term Update:

 

Suncor was lower this past week reaching a low of 23.13, closing at 23.58!

 

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/ewdec421sp.png

 

Long Term Update:

 

The SP500 tanked lower this past week, reaching a low of 4495.12, closing at 4538.93!.

 

We are now working on the assumption that all of wave (iv) ended at the 4278.97 low and it is now possible that all of wave (v) ended at the 4743.83.

 

If this is the case then the multi decade bull market in the SP500 is complete and we are now heading sharply lower for many years to come!!

 

Ae you can see on our Weekly, Daily and 120 Min SP500 Charts that we are now cling to the red uptrend line.

 

A break of this major support line would likely send this market, and many global stock markets too, sharply lower.

 

We shorted this market last week!

 

Active Positions: Short with calls as stops!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec421usd.png

Long Term Update:

 

The USDX was lower this past week reaching a low of 95.54, although we closed one tick higher at 96.11.

 

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) soon, in a Morning Post.

 

Active Positions: Short risking to 97.00!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/12/ewdec421cdnx.png

 

Long Term Update:

 

The CDNX was sharply lower again this past week reaching a low of 888.79, closing at 897.13.

 

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/ewdec421gdx.png

 

Long Term Update:

 

The GDX was sharply lower again this past week reaching a low of 30.05, closing at 30.69.

 

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.  

 

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/ewdec421bit.png

Long Term Update:

 

Bitcoin was sharply lower again this past week reaching a low of 43563, closing at 49102!

 

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) 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.

 

Active Positions: Flat!

 

Thanks!

Captain & Crew