JAN 14 END OF WEEK POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE

 

 Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2018/01/ewjan1418gold.png  

 

Longer Term Update:

 

Gold continued to move higher this past week, and we reached a high of 1339.90!

 

We are now rallying in an extended wave ^i^ of -iii-. With the possibility that we could continue higher to the 1363.00 resistance level or perhaps the 1377.00 resistance level before all of wave ^ii^ ends, as shown on the Weekly Gold Chart.

 

Upon completion of wave ^i^ we should expect a wave ^ii^ correction that retraces between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave ^i^ rally. Gold should rally sharply in 2018.

 

Our first and second projections for the end of wave -iii-, as shown on the Weekly Gold Chart, are:

 

-iii-=1.618-i-=1661.80;

-iii-=2.618-i-=1993.70. 

 

Active Positions: Long with puts as stops!

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2018/01/ewjan1418si.png

 

Longer Term Update:

 

Silver also rallied with gold this week, reaching a high of 17.30.

 

We expect this rally to continue next week.

 

We are now rallying in wave ^i^ of .iii, as shown on the Weekly Silver Chart, with a possible run to 18.29 level being likely, before all of wave ^i^ ends. Upon its completion we expect a wave ^ii^ correction that should retrace between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave ^i^ rally.

 

Silver should move sharply higher in 2018.

 

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 = 13.67. Note that wave 2 retraced 78.6{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave 1 rally.

3 rally has now begun.

 

Active Positions: Long with puts as stops!

 

Crude:

 

Longer Term Update:

 

Weekly Crude Chart: https://captainewave.com/wp-content/uploads/2018/01/ewjan1418oil.png

 

Crude traded higher this week reaching a high of 64.77. We should now be working on the final subdivisions of wave $v$ of ^c^ of *b*. Upon completion of wave *b* we expect crude to move sharply lower for most of 2018, in wave *c*.

 

The most important takeaway from the current Weekly Crude chart is that: “The rally from the wave *a* low of 39.19 is NOT impulsive, so we do not think that crude is going to rally in a new bull market, until we revisit the 39.19 low one more time.”

 

In the very long term, we are now working on the assumption that a major low in wave b of B in crude was reached at the 26.05 low.

 

If this assumption is correct, then crude is now heading sharply higher, at least back to the all-time high of 147.27.

 

Suncor:

 

Weekly Suncor Chart: https://captainewave.com/wp-content/uploads/2018/01/ewjan1418su.png

 

Suncor was higher with crude since our last Weekly Posy, as we are waiting for confirmation that all of wave .b. is complete at the 38.39 high. Once wave .b. ends we expect one more drop in wave .c. to complete all of wave -ii-.

 

Active Positions: Short crude with calls as the stops, and plan to go long in Suncor at 26.00!

 

S&P: 

 

Longer Term Update:

 

There appears to no stopping the rallying in the S&P as we continue to rally impulsively in a very extended wave *v* of -v-. As we and likely many others have been saying for quite some time this market is very overvalued and overstretched by almost every technical indicator. The top will be marked by a very violent move to the downside.

 

Active Positions: Very Short, with calls at various levels, as stops.

 

USDX:

 

Longer Term Update:

 

The USDX was sharply lower this past week reaching a low of 90.53.

 

We continue to fall wave $iii$ of ^v^ of *iii*, with our first and second projections for its end being:

 

$iii$ = 1.618$i$ = 89.94

$iii$ = 2.618$i$ = 87.30.

 

We expect this market still has lots of downside left before all of wave $iii$ and ^v^ drop end.  

 

We expect that the USDX should trade lower in 2018, supporting higher gold and silver prices.

 

Active Positions: Flat!

 

NG:  

 

Longer Term Update:

 

NG was sharply higher this week reaching a high of 3.22.

 

Since our wave -a- high of 3.90 was made NG continues to work on a wave -b- corrective pattern that is still unfolding. We ultimately see it trading back to the 3.90 level to complete a long wave (iv) correction, but it appears that that journey will be lengthly and complex. We continue to work on wave *iii* of -c-.  

 

Since completing wave A at 15.74 in 2005, NG is dropping in a double 3 wave pattern as shown on the Monthly NG Chart. We are now in wave (v) of our second wave c, within that double 3 wave pattern. Our minimum target for the end of the second wave c is 1.61.

 

Upon completion of all of wave B, we expect a very sharp multi-year rally in wave C that should see NG exceed the 15.74 high, that was made in 2005. Heading back to 1.61.

 

Active Positions: Long risking to 2.74!

 

GDX: 

 

https://captainewave.com/wp-content/uploads/2018/01/ewjan1418hui1.png

 

Longer Term Update:

 

The GDX was higher this week and reached a high of 24.02!

 

All of wave ii ended at the 21.27 low and we continue to rally in wave -i- of iii. With gold extending its wave ^i^ we should expect the GDX to extend within its wave -i- rally also.

 

A run to resistance at the 25.50/26.00 level appears likely before all of wave -i- ends.

 

 Upon its completion we should expect a wave -ii- correction, that retraces between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave -i- rally. 

 

In the GDX, we now believe that all of wave 1 ended at 31.79 and that wave 2 at the 18.68 low.

 

Longer term, our first and second projection for end of wave 3 is:

 

3=1.618(1)=49.95;

3=2.618(1)=68.98.

 

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