JAN 17 WEEKLY CHARTS POST!

The Captain may be in Vancouver again next week. If so, no posts on Wednesday & Thursday, but the Captain will be monitoring the markets and Intraday Updates as required for any major market action!

 

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Our counts on gold have kept investors aware of a likely deeper wave lower before a blast to new highs gets underway.

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/01/ewjan-1721gold.png

 

Long Term Update:

 

Gold was lower this past week reaching 1817.10, closing at 1829.90.

                                                                          

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 the 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.  

 

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/ewjan1721si.png

 

Long Term Update:

 

Silver was initially marginally lower this past week reaching a low of 24.36, but we closed higher at 24.87! 

                                                                  ,

Unfortunately, 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 are working a 3wave correction pattern with wave a ending at 21,81, and all of wave b at the 28.10 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 lower this past week reaching low of 1.073{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, closing at 1.097{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/ewjan1721oil.png

 

Long Term Update:                                                                          

             

Crude was higher this past week reaching a high of 53.93, closing at 52.42.                                                                                      

 

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/ewjan1721su.png

 

Long Term Update:

 

Suncor was initially higher this past week reaching a high of 19.65, although we closed marginally lower at 18.33.

 

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/ewjan1721sp.png

 

Long Term Update:

 

The SP500 was lower this past week reaching another low of 3749.42, closing at 3768.25.  

 

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 rallied 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/ewjan1721usd.png

 

Long Term Update:

 

The USDX was higher this past week reaching a high of 90.79, closing at 90.75.

 

We are now sure whether wave -iii- is now complete at the 89.17 low of whether it is still heading to our next projected endpoint which is:

 

-iii- = 2.618-i- = 86.26.

 

We will give this market a few more days to decide. 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.

 

Active Positions: Flat.

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/01/ewjan1721cdnx.png

 

Long Term Update:

 

The CDNX moved sideways this past week, although we closed higher at 907.99.

 

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 935.00/940.00 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/ewjan1721gdx.png

 

Long Term Update:

 

The GDX was lower this past week reaching a low of 34.48, closing at 34.51.

 

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.

 

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 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