FEB 14 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/02/2021FEB13GOLD.png

 

Long Term Update:

 

Gold was higher this past week reaching a high of 1856.60, closing at 1823.20.

                                                                          

We continue to drop in wave ^ii^, which has the following retracement levels:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 1767.70;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 1694.50.

 

Wave ^ii^ is still underway and has become a double 3 wave corrective pattern as shown on our Daily Gold Chart, with all of our second wave (b) ending at the 1962.50.

 

We are still falling in wave (c) which has a minimum target of 1767.20, but likely lower, somewhere within our retracement zone mentioned above. On the Daily Gold Chart we are now watching for a potential ending diagonal triangle formation within wave (c).

 

Longer term 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/2021/02/2021feb13si.png

 

Long Term Update:

 

Silver moved sideways this past week, closing higher at 27.33.  

                                                                  

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.

 

We are still falling in wave c which has a minimum target of the wave a low of 21.81, but likely lower…somewhere within our above mentioned retracement zone.  

 

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 higher this past week reaching a high of 1.202{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, closing at 1.200{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}.

 

It now looks like wave ^ii^ of (v) is not complete at the 1.226 high and that we should now be heading at least back to that high before all of wave ^ii^ ends. Within wave ^ii^, wave -a- ended at 1.226 and all of wave -b- at the 0.504 low.

 

We should now be rallying in wave -c-, which has minimum target of the wave ^a^ high of 1.226, our retracement levs for all of  wave ^ii^ are:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 1.15{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 1.33{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}.

 

We should expect higher prices next week.

 

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/2021/02/2021feb13oil.png

 

Long Term Update:                                                                          

             

Crude higher this past week reaching a high of 59.82, closing at 59.47.                                                                                      

 

We continue to rally in wave -i- of (iii), with all of wave (iii) having and initial projected endpoint of:

 

(iii) = 1.618(i) = 93.96.

 

Within wave (iii), we continue to rally higher in wave -i-. We are fast approaching a multi-year downtrend line that is shown on our Weekly Crude Chart.

 

We suspect this is where the wave -i- rally will likely end, after which we expect a larger correction in wave -ii- of (iii) that should retrace between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} 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/2021/02/ewfeb1321su.png

 

Long Term Update:

 

Suncor moved higher this past week reaching a high of 18.28, closing at 18.03.

 

We continue to rally sharply higher in wave iii. Our initial projection for the end of wave iii is:

 

iii = 1.618i = 30.73.

 

Within wave (i) of iii it looks like wave -i- ended at the 19.94 and possibly all of wave -ii- at the 16.29 low. If that is the case then we should now be rallying sharply higher in wave -iii-.

 

Wave -ii- did not reach our 50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level, so it could still be possible that it is still developing.   

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/02/ewfeb1321sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time new high at 3937.23, closing at 3934.83.

 

Once again it looks like wave -iii- is extending and moving higher, although we still think it should be ending very soon. 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.

 

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/2021/02/ewfeb1321usd.png

 

Long Term Update:

 

The USDX was lower this past week reaching a low of 90.24, closing at 90.47.

 

Wave -iii- is now complete at the 89.17 low and we are rallying in wave -iv- which has the following retracement levels:

 

23.6{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 91.95;

38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 93.68.

 

Wave -iv- should take a month or so to develop.

 

Active Positions: Flat!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/02/ewfeb1321cdnx.png

 

Long Term Update:

 

The CDNX was sharply higher again this past week reaching a high of 1081.65, closing at 1067.44!

 

Longer term we continue to rally sharply higher in wave .iii. which has an initial endpoint of:

 

.iii. = 1.618.i. = 1357.02    

 

We continue to rally in wave -i- of .iii.. Within wave -i- we should be getting close to completing wave (iii) of -i-. After wave (iii) ends we expect a wave (v) correction that retraces between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave (iii) rally.                              

 

Our minimum 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/2021/02/ewfeb1321gdx.png

 

Long Term Update:

 

The GDX moved sideways this past week closing marginally higher at 34.78.

 

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

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 30.98;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 27.49.

 

Wave *ii* has become a double 3 wave pattern with our second wave ^b^ ending at the 39.01 high. If that is the case then we are still falling in our second wave ^c^, which has minimum target of 33.25, but more likely somewhere within our wave *ii* retracement  levels shown above. This week we did reach our minimum target for the completion of all of wave *ii* at the 33.23 low, but we are still above our 50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level for all of wave *i*. We are now watching an ending diagonal triangle formation on the daily and 60 Min GDX Charts within our second wave ^c^ that is getting close to completion. We need a drop now below the 33.23 low to complete the minimum requirements for this diagonal triangle to become complete.

 

Our current 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.