FEB 21 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/02/ewfeb2121gold.png

 

Long Term Update:

 

Gold was lower this past week reaching a low of 1759.00, but closing off the lows at 1777.40.

                                                                          

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, as we continue to fall in our second wave (c) of ^ii^.

 

The good news: We have now reached the upper end of our retracement zone, so we need to be guard for the completion of all of wave ^ii^ and that start of a very sharp rally in wave ^iii^.

 

Confirmation of the completion of wave ^ii^ will occur if we rally above the 1856.60 high, which is the upper end of our ending diagonal triangle formation within our second 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/ewfeb2121si.png

 

Long Term Update:

 

Silver was lower past week reaching allow of 26.10, although we closed only marginally lower, at 27.25, in spite of gold being weak.  

                                                                  

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, although based on what siler is doing compared to gold we are not so sure that silver is going to fall very much from these current levels.

 

It could be possible that all of wave ii in silver ended at the 21.96 low and in that case, we have already started rallying in wave iii.

 

We will give this market another week to see if this is what is really happening.   

 

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 1.362{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, closing at 1.345{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}.

 

We have satisfied the minimum requirements for completed wave ^ii^ both in price and retracement levels, as we have now traded above the wave -a- high of 1.226 high have reached our 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level. Our retracement levs for all of  wave ^ii^ are:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 1.15{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}

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

 

We are waiting for confirmation that wave ^ii^ is complete t the current levels, after which we should start to move lower in wave ^iii^.

 

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/ewfeb2121oil.png

 

Long Term Update:                                                                          

             

Crude was initially higher this past week reaching a high of 62.29, although by the end of the week we had closed lower at 59.26.                                                                                      

 

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-, although it may be complete now at the 62.29 high. We are fast approaching a multi-year downtrend line that is shown on our Weekly Crude Chart.

 

If wave -i- is now complete at the 62.29 high then we should expect a wave -ii- correction that retraces between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave -i- rally, as the next big event in this market.

 

We will provide those retracement levels once we believe that all of wave -i- is complete.

 

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/ewfeb2121su.png

 

Long Term Update:

 

Suncor moved higher this past week reaching a high of 19.15, closing at 18.98.

 

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/ewfeb2121sp.png

 

Long Term Update:

 

The SP500 was initially higher this past week reaching another all-time new high at 3950.43, although we closed lower at 3906.71.

 

Once again it looks like wave -iii- is extending and moving higher, although we 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/ewfeb2121usd.png

 

Long Term Update:

 

The USDX was lower this past week reaching a low of 90.10, closing marginally lower at 90.36.

 

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/ewfeb2121cdnx.png

 

Long Term Update:

 

The CDNX was higher again this past week reaching a high of 1100.63, closing at 1098.56!

 

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-, as we appear to now have an ending diagonal triangle formation on the Daily CNDX Chart that could be complete at the 1100.63 high.

 

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/ewfeb2121gdx.png

 

Long Term Update:

 

The GDX was sharply lower this past week, reaching a low of 32.56, closing at 32.74.

 

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. We continue to fall in second wave ^c^ and 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 could be complete at the 32.56 low.

 

In order to confirm the completion of this diagonal triangle formation and all of our wave ^ii^ correction, we now need to trade above 35.62.

 

Gold has reached its 50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level, but it could still fall further to its 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement level before its wave ^ii^ correction ends.

 

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!

Captain & Crew