FEB 7 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/02/ewfeb721gold.png

 

Long Term Update:

 

Gold was lower this past week reaching a low of 1784.60, closing off the lows though, at 1813.00.

                                                                          

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 now dropping 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 1962.50.

 

We continue to fall in wave (c) which has a minimum target of 1767.20, but likely lower, somewhere within our retracement zone mentioned above.

 

We will be watching to see if we get any follow-through on the recent key weekly reversal higher again next week.

 

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/ewfeb721si.png

 

Long Term Update:

 

Silver was initially sharply higher this past week reaching a high of 30.35, but by the end of the week we had given up almost all of those gains to close only marginally higher at 27.02!!

                                                                  ,

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.

 

This week our 3 wave corrective pattern took a bit of different form as it looks like wave b was not complete at the 28.10 high, but looks complete at the 30.35 high. We are now 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 1.188{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, closing at 1.170{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/ewfeb721oil.png

 

Long Term Update:                                                                          

             

Crude moved sharply higher this past week reaching a high of 57.29, closing at 56.85!                                    

 

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-. After wave -i- ends 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/ewfeb721su.png

 

Long Term Update:

 

Suncor moved lower this past week reaching a low of 16.40, although we closed higher at 17.26.

 

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/ewfeb721sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time new high at 3894.56, closing at 3886.83!

 

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/ewfeb721usd.png

 

Long Term Update:

 

The USDX was higher this past week reaching a high of 91.61, closing at 91.03.

 

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/ewfeb721cdnx.png

 

Long Term Update:

 

The CDNX was sharply higher this past week reaching a high of 1034.95, closing at 1022.64! 

 

The outperformance against GDX and gold is truly incredible.

 

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

 

.iii. = 1.618.i. = 1357.02    

 

This week we re-labelled our current count to suggest that within wave .iii., we are currently rallying 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/ewfeb721gdx.png

 

Long Term Update:

 

The GDX was lower this past week reaching a low of 33.23, but we closed marginally higher, at 34.61.

 

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 will see how we trade next week, but the correction in gold does not appear complete, so we should see further weakness in the GDX before this current 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