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CAPTAIN EWAVE DAILY CHARTS UPDATE

September 19, 2017

Gold:

 

Daily Gold Chart: https://captainewave.com/wp-content/uploads/2017/09/ewsep1917gold.png

 

Short Term Update:

 

Gold was lower in yesterday’s day session, reaching a low of 1308.60. In the overnight session gold traded sideways and is current at the 13110.00 level, at the time that this Post was being written.

If our current analysis is correct then wave $iv$ cannot overlap with the wave $i$ high of 1306.90.

This wave $iv$ correction is very deep and we doubt that our current short term analysis is correct, but we have no other count to really offer at this point. At the moment the other option could be that wave $iii$ is subdividing, which could be a very bullish event.

In either case we will need gold to move higher now.

 

We will give this market another day or so to see if our current analysis remains valid, or whether we need to look an updated count.

 

On the Intraday Chart the rallies continue to look impulsive and the setbacks are corrective, which still suggests higher prices ahead, once our wave $iv$ correction is complete.

 

Upon completion of wave $iv$ we expect a wave $v$ rally that has a projected target of 1380ish, as shown on the Daily Gold Chart. This next rally will also complete all of wave ^iii^, unless it extends higher, which we might be now seeing the start of.

 

Our next projection for the end of wave ^iii^ is:

 

^iii^ = 2.618^i^ = 1380.00.

 

Our initial projection for the end of wave *iii* is:

 

*iii* =1.618*i* = 1380.60

 

Our initial projection for the end of wave .iii. is:

 

.iii. = 1.618.i. = 1484.10.

 

Our updated count for all of wave -iii- is:

 

.i. = 1297.40;

.ii.:

*a* = 1214.30;

*b* = 1298.80;

*c* = 1204.00, to complete all of wave .ii.;

.iii.:

*i* = 1280.30;

*ii* = 1257.10;

*iii*:

^i^ = 1298.10

^ii^ = 1272.70;

^iii^:

$i$ = 1306.90;

$ii$ = 1278.50;

$iii$ = 1362.40;

$iv$ = 1315.10, if complete;

$v$ rally is next after our wave $iv$ correction ends.

 

Active Positions: Long from $1080/$1100 price zone with 40 positions, with puts at 1350.00!

Short term gamblers: short dec gold at 1313.40, stop at 1313.90, target 13

 

Silver:

 

Daily Silver Chart: https://captainewave.com/wp-content/uploads/2017/09/ewsep1917si.png

 

Short Term Update:

 

Silver was lower in yesterday’s day session reaching a low of 17.11. In the overnight session silver traded sideways and is currently trading at the 17.22 level, at the time that this Post was being written.

 

Our current short term count has been eliminated and for the time being we do not have an alternate to offer, as this drop has now overlapped with our wave $i$ high of 17.24.

 

One possible option would be that wave $i$ ended at 18.29 and we are now falling in wave $ii$. We will give this market another day or so to see how it plays out.

 

Our first projection for the end of wave ^iii^ is :

 

^iii^ = 1.618^i^ = 20.34.

 

Our initial projections for wave -iii- are:

 

-iii- = 1.618-i- = 26.57;

-iii- = 2.618-i- = 34.13.

 

Our current count for all of wave 3 is:

 

.a. = 18.46;

.b. triangle = 19.77

.c. = 15.68;

.x.;

^a^ = 18.54;

^b^ = 16.83;

^c^ = 18.66, to complete all of wave .x.;

.a. = 16.06

.b. = 17.75

.c.= 14.34, to complete all of wave -ii-.

-iii-:

.i.:

^i^ = 16.96;

^ii^ = 16.10;

^iii^ is still underway.

 

Active Positions: Long, risking to 16.55!

 

Crude:

 

Daily Crude Chart: https://captainewave.com/wp-content/uploads/2017/09/ewsep1917oil.png

 

Short Term Update:

 

Crude was lower early in yesterday’s day session reaching a low of 49.69, but in the overnight session crude rallied to aa current high of 50.81, at the time that this Post was being written.

 

We are now working on the tail end of a double 3 pattern, within the wave ^c^ leg of our triangle. Upon completion of wave ^c^, we expect a drop in wave ^d^. Wave ^d^ will need to consist of at least one 3 wave pattern.

 

We have a $c$=$a$ projections for the end of our second 3 wave pattern within wave ^c^ of 50.84.

 

Since we are still working on a wave .ii. correction, our retracement levels for this corrective wave are:

50% = 38.86 and 61.8% = 35.84.

 

Our updated count for all of wave .ii. is as follows:

 

*a* = 39.19;

*b* triangle:

^a^ = 55.24;

^b^ = 42.05:

^c^ = 50.50, if complete;

^d^ is next after wave ^c^ ends.

 

Suncor: We appear to still be working on the last elements of our wave .b. rally as we reached a high of 34.37. Once wave .b. ends we expect a sharp drop in wave .c., which has a minimum target of 27.72, which is the wave .a. low. Once wave .b. ends, we will provide projections for the end of wave .c.. Our updated count is now:

 

.a. = 27.73;

.b. = 34.37. if complete;

.c. drop after wave .b. ends.

 

Active Positions: We are short at 51.50, risking to 55.00. We are long Suncor, and we plan to add to Suncor at 26.00!

 

S&P: 

 

Daily SP500 Chart: https://captainewave.com/wp-content/uploads/2017/09/ewsep1917sp.png

Short Term Update:

 

The S&P made another all-time new high in yesterday’s trading session at 2508.32. In the overnight session the S&P Futures are up about 2 points, at the time that this Post was being written.

 

It looks like we are still working on wave .b. of a complex wave -iv- flat correction as shown on the Daily S&P Chart. Once wave .b. ends we should move lower in wave .c. of -iv-, to at least the wave .a. low of 2417.35.

 

The other option is that wave -iv- ended at the 2417.35 low and we are now moving higher in wave -v-. Our alternate bullish triangle option is also still valid, until the 2417.35 low is breached.

 

Active Positions: Short with 2450 calls as stop!

 

USDX:

 

Daily USDX Chart: https://captainewave.com/wp-content/uploads/2017/09/ewsep1917usd.png

 

Short Term Update:

 

The USDX was marginally higher in yesterday’s day session reaching a high of 91.99. In the overnight session the USDX is lower, reaching a low of 91.55, at the time that this Post was being written.

 

It is looking like wave $v$ of ^iii^ is becoming a diagonal triangle, as shown on the Daily USDX Chart. It looks like we have one more leg down to a new low to complete the pattern.

We also have a projection for the end of wave ^iii^ at 90.75.

 

So, if our current analysis is correct, we should expect another drop in the USDX to complete all of wave ^iii^, which should then be followed by a wave ^iv^ corrective rally that retraces between 23.6 to 38.2 % of the entire wave ^iii^ rally.

 

Our updated count for all of wave iii is:

 

iii:

.i.:

*i* = 101.30;

*ii* = 102.96;

*iii*:

^i^ = 100.70;

^ii^ = 102.27;

^iii^:

$i$ = 98.67;

$ii$ = 101.27;

$iii$:

&i& = 98.57;

&ii& = 99.77;

&iii& = 97.28

&iv& = 97.16;

&v& = 92.39; to complete all of wave $iii$.

$iv$:

&a& = 93.79

&b& = 92.89;

&c& = 94.06;

$v$ diagonal triangle is still underway.

^iv^ rally after wave ^iii^ ends.

 

Active Positions: Flat!

 

NG:

 

Daily NG Chart: https://captainewave.com/wp-content/uploads/2017/09/ewsep19ng.png

Short Term Update:

 

NG was higher in yesterday’s day session and again in the overnight session reaching a high of 3.166, at the time that this Post was being written.

 

As you can see on the Daily NG Chart is might be possible that all of our wave $c$ diagonal triangle could be coming to an end.

We have also satisfied the minimum requirements for a completed 3 wave corrective rally as we have now exceeded the wave $a$ high of 3.12. Our diagonal triangle, like all triangles could still extend and expand.

 

If wave ^ii^ is now complete we should expect NG to drop in wave ^iii^ as the next big event in this market.  

 

Our update count for all of wave ^ii^:

$a$ = 3.12;

$b$ = 2.75;

$c$ diagonal triangle = 3.16, if complete, to complete all of wave ^ii^:

^iii^ drop is next after wave ^iii^ ends.

 

Active Positions: We are short, risking to 3.30.

 

GDX:

 

GDX Daily Chart: https://captainewave.com/wp-content/uploads/2017/09/ewsep1917gdx.png  

 

Short Term Update:

 

The GDX was lower in yesterday’s day session as our short term count was eliminated, and we reached a low of 23.59.

 

As you can see on the Daily GDX chart we have revised our count to suggest that all of wave ^i^ ended at 25.58 and we are now falling in wave -ii-.

 

Our retracement levels for all of wave -ii- are:

 

50% = 23.39;

61.8% = 22.74

 

We might see a little more downside before all of wave -ii- ends. Upon the completion of wave -ii- we expect a sharp rally in wave -iii-, as the next big event in this market.

 

We will provide updated projections for the end of wave -iii- when we are sure that all of wave -ii- is complete.

 

Wave (iii) higher is now underway with our initial projection for its completion at:

 

(iii) = 1.618(i) = 32.53.

 

Our updated count for all of our complex wave (ii) is

 

-a- = 21.14;

-b- triangle:

^a^ = 24.88;

^b^ = 20.89;

^c^ = 23.86;

^d^ = 21.80;

^e^ = 22.81, to complete all of our wave ^b^ triangle;;

-c- = 20.99, to complete all of wave -c- and (ii).

(iii):

-i- = 25.58;

-ii- is still underway;

-iii- begins after wave -ii- ends.

 

Active Positions: We are long the GDX, ABX, KGC, NEM, CRJ, and TSX:XGD with no stops!

 

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