JAN 13 MORNING UPDATE

Gold:

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Gold hit a high of 1244.30 in the overnight session and we also got filled on our two additional longs at 1239.10. On the attached daily gold chart we have added some projections for the end of wave ^iii^ and wave .iii.. Our next target for wave ^iii^ will be around the 1295.00 area. We also have a target of 1295.00 for wave .iii.  We would not be surprised to see gold run to 2.618 target for the end of wave .iii. which is 1374.90. In the short term our next target is 1256.

Once the USDX tops out gold will likely go vertical for a couple of days.

We added 2 long positons at 1239.10, and have raised our stops on all positions to 1167.20. Now long 7 specs (7 speculative futures positions. No YOUR limit, and gamble within it!).

Crude:

 

Crude continued to fall in the overnight session, hitting a stunning low of 44.22. We still see no sign of an end to wave iii. We are still looking for the huge volume big picture move day, to market the end of wave iii.

S&P:

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The S&P rallied in the overnight session, negating our wave .iv. triangle idea. We indicated yesterday that we were a little suspicious about how short wave .iii. was relative to wave .i.. Looks now we like wave .iii. is now subdividing with only wave *i* of .iii. ending at 2022.58. On the chart we have indicated the 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement levels(2038/2042) for wave *ii*. Upon completion of wave *ii*, we expect the S&P to fall hard in wave *iii* of .iii.

We remain short with stops as previously indicated.

USDX:

The USDX was fairly stable in the overnight session. We can see a possible impulsive wave structure down from 92.50 to 91.72, followed by at corrective abc rally to the current highs, on the intraday charts. We will be watching this market closely today. Look for a possible intraday posting.

We will be shorting two positions at 91.70, and will be risking to 92.55.  

st comments: I agree with the Captain's view that a stunning reversal in the dollar, even a modest one, could create mini parabola in gold for a few days.

 

NG:

 

No change to our previous comments on this market.

HUI/GDX:

 

With gold now breaking out, we suspect that the HUI/GDX will now start to accelerate higher. We revised our labelling levels yesterday, but that does not change anything in terms of direction. Although we have a projection for the end of wave .iii. at 21.97, we have higher projections...in the 24.00 area, and would expect this market to hit the upper red trend line without much trouble as gold starts to move higher.

 

No change to our count from yesterday's End of Day:

(i) = 18.91;

(ii) = 17.16;

(iii):

-i- = 18.48;

-ii- = 18.76

-iii-:

.i. = 18.71;

.ii.:

*a* = 18.05:

*b* = 18.60;

*c* = 17.95, to complete all of wave *ii*:

.iii.:

*i* = 18.80;

*ii* = 18.40. Note that 50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement is 18.38:

*iii*:

^i^ = 19.26;

^ii^ = 18.76;

^iii^ = 20.69:

^iv^ = 19.82:

^v^ = 20.67, to complete all of wave *iii*;

*iv*:

^a^ = 19.82;

^b^ = 20.52;

^c^ =  19.61, to complete all of wave *iv*.

*v* is now and we have a projection for the end of wave *v* at 21.97, as shown on the chart.

We remain long all GDX positions.

Thanks