JAN 10 WEEKLY CHARTS POST!

The Captain will be in Vancouver next week. No Posts on Wednesday or Thursday, but the Captain will be monitoring the markets and will provide Intraday Updates as required for major market moves!

 

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/01/ewjan1021gold.png

 

Long Term Update:

 

Gold was initially sharply higher this past week reaching a high of 1962.50, but by the end of the week we closed sharply lower closing at 1835.40!

 

We also had a bearish key weekly reversal lower.

                                                                          

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.

 

It was looking like gold was going to breakout above our red downtrend line early last week, but that rally ended with a bang on Friday, as we moved sharply lower.

 

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

 

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/2021/01/ewjan1021si.png

 

Long Term Update:

 

Silver was initially sharply higher this past week also reaching a high of 28.10, but by the end of the week we had moved sharply lower closing at 24.64. 

                                                                  ,

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 have updated our initial wave structure for our wave (ii) correction to now suggest that we are working a 3 wave correction pattern with wave a ending at 21,81, and all of wave b at the 281.0 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. We also have another projection of:

 

c = a = 20.00.

 

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 was sharply higher this past week, reaching high of 1.126{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, closing at 1.105{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/2021/01/ewjan1021oil.png

 

Long Term Update:                                                                          

             

Crude was sharply higher this past week reaching a high of 52.75, closing at 52.24.                                                                                      

 

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.

 

A run to the 50.00/55.00 level still seems likely within wave -i-, before we get another larger correction in wave -ii- of (iii).

 

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/2021/01/ewjan10su21.png

 

Long Term Update:

 

Suncor was sharply higher this past week reaching a high of 19.01, closing at 18.48.

 

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 -iii- 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/2021/01/ewjan1021ew.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time new high at 3826.69, closing at 3824.68.  

 

We continued to rally higher now in wave -iii-, which has a projected endpoint of:

 

-iii- = 1.618-i- = 3710.44.

 

WE have now exceeded our initial wave -iii- projected endpoint and we may now be heading higher to our second projected endpoint which is:

 

-iii- = 2.168-i- = 4186.93.

 

This market has complete long way so we need to be on guard for the end of wave -iii- and the start of our wave -vi correction. Wave -iv- should retrace between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave -iii- rally. We will provide those levels when we believe that all of wave -iii- is complete.

 

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/2021/01/ewjan1021usd.png   

 

Long Term Update:

 

The USDX was initially lower this past week reaching a low of 89.17, although we closed marginally higher at 90.07.

 

We are still working on wave -iii-, and now look to be heading to our next projected endpoint which is:

 

-iii- = 2.618-i- = 86.26.

 

It seems like a drop to at least the 88.00 level appears likely before all of wave -iii- ends. After wave -iii- ends we expect a wave -iv- rally that should retrace between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave -iii- drop, although that rally may still be weeks away.

 

Active Positions: Flat.

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/01/ewjan1021cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week reaching a high of 917.38, closing at 896.71.

 

We have now adopted our very bullish alternate count at is suggesting that we are now rallying sharply higher in wave .iii.

 

In our new preferred bullish count all of wave .i. ended at the 758.11 high and all of wave .ii. at the 665.41 low. Wave .iii. has an initial endpoint of:

 

.iii. = 1.618.i. = 1357.02    

 

Next major resistance is at the 940.00 level.                                                 

 

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. 

 

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/2021/01/ewjan1021gdx.png

 

 

Long Term Update:

 

The GDX was higher this past week reaching a high of 39.01, although we closed significantly below that high at 36.52, but still higher on the week!

 

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

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 30.98;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 27.49.

 

We updated our count his past week within wave *ii* to suggest that it has become a double 3 wave pattern with our second wave ^b^ ended at the 39.01 high. If that is the case then we are now 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.

 

Expect lower prices next week.

 

Our updated 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