JAN 24 MORNING POST!

CAPTAIN EWAVE DAILY CHARTS UPDATE

 

Gold:

 

Daily Gold Chart:

 

https://captainewave.com/wp-content/uploads/2018/01/ewjan2418gold.png

 

Short Term Update:

 

It appears that wave ^i^ is still underway!

 

If wave ^i^ continues higher a possible run to 1362.40 or even the 1378.00 highs is likely now, as shown on the Daily 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. We will provide those retracement levels when we are sure that wave ^i^ is complete.

 

Our first projection of the end of wave *iii* is:

 

*iii*=1.618*i*=1495.20.

 

Trading Recommendation: Short term traders that have taken profits can now wait until wave ^ii^ develops and ends to re-enter long. We plan to stay long and add at the end of wave ^ii^.   

 

Active Positions: We are long, with puts as stops, and will add at the end of wave ^ii^!

 

Silver:

 

Daily Silver Chart:

https://captainewave.com/wp-content/uploads/2018/01/ewjan2418si.png

 

Short Term Update:

 

Silver was sharply higher in yesterday’s day session and again in the overnight session!!

 

It appears that wave ^i^ is now extending, and a run to the 18.29 level, as shown on the Daily Silver Chart, is likely before it ends.    

 

Upon completion of wave ^i^ we expect to see a wave ^ii^ correction, that retraces between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave ^i^ rally. We will provide those retracement levels when we are sure that wave ^i^ is complete.

 

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

 

.iii. = 1.618.i. =  22.03.

 

Trading Recommendation: Short term traders who took profits can wait until wave ^ii^ develops and ends before entering long again. We plan to hold and add at the end of wave ^ii^.

 

Active Positions: We are long, with puts as stops!

 

Crude:

 

Daily Crude Chart:

 

https://captainewave.com/wp-content/uploads/2018/01/ewjan2418oil.png

 

Short Term Update:

 

Our current thinking remains unchanged, as we have reached our upper red trendline as shown on the Daily Crude Chart. So if our current analysis is correct, we suspect all of wave $v$ and ^c^ and *b* is nearing completion.

 

The rally from the wave *a* of .ii. low of 39.19 is not impulsive looking, so we are still expecting that we are correcting in a complex wave .ii. pattern. If this observation is correct then crude will be heading back to the 39.19 low again, once this current corrective pattern ends.

 

Suncor: We moved higher within a complex wave .b. rally and have reached a high of 38.39. We continue to watch for confirmation that all of wave .b. is complete at the current high, and that wave .c. lower is now underway. If wave *b* in crude is complete at the 64.77 high then wave .b. is Suncor is complete at the 38.39 high and we should now be starting wave .c. lower.

 

Trading Recommendation: Aggressive traders should be short crude now with a 65.00 call as stop.  

 

Active Positions: We are now short, with calls as a stops. We will go long Suncor at 26.00!

 

S&P:

 

Daily SP500 Chart:

 

https://captainewave.com/wp-content/uploads/2018/01/ewjan2418sp.png
Short Term Update:

 

The S&P made another all-time new high in yesterday’s trading day session. Move upside appears to be likely, as this market has now gone vertical.

 

This market is in danger of a very big collapse, as many indicators are very stretched…. and getting more stretched as this market moves higher. If our current analysis is correct, we should expect to see a very large drop in the S&P… 100 plus points in the near future.      

 

This is a now scary market for the bulls from an EWaves analysis point of view.

 

Trading Recommendation: Stay short and use calls as stops.

 

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

 

USDX:

 

Daily USDX Chart:

 

https://captainewave.com/wp-content/uploads/2018/01/ewjan2418usd.png

 

Short Term Update:

 

It appears that wave $iii$ could be extending and heading to our second projected end point.

 

Once wave $iii$ ends we should expect wave $iv$ to rally between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave $iii$ drop. We will provide our retracement levels for wave $iv$ when we are sure that all of wave $iii$ is complete.

 

If wave $iii$ is extending then we should expect gold and silver to move higher in their receptive wave ^i^’s also.

 

Our next projection for the end of wave $iii$ are:

 

$iii$ = 2.618$i$ = 87.30.

 

Active Positions: Flat

 

NG:

 

Daily NG Chart:

 

https://captainewave.com/wp-content/uploads/2018/01/ewjan2418ng.png

 

Short Term Update:

 

NG traded sharply higher in yesterday’s day session.

 

We took nice profits on our long position and we also look to have reached our projected end for all of wave *iii*. That projection was:

 

*iii* = 1.618*i* = 3.61.

 

If wave *iii* is now complete we should expect the start of our wave *iv* correction that retraces between 23.6 to 38.2 {6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave *iii* rally. We will provide those projections once we are sure that all of wave *iii* is complete. At the moment we are not sure that all of wave *iii* is complete at the 3.63 high.

 

We continue to watch our bearish option also. In this case the current rally in NG may be ending and we should very soon be heading lower, back to at least the 2.57 level. We will provide further updates as NG trades in the next couple of days. Since we are expecting that Crude is going to head sharply lower, it seems that NG will likely do the same and may consider shorting this market soon.

 

Trading Recommendation: Traders should have taken profits yesterday, and now be flat.

 

Active Positions: Took profits in long positions, now flat!

 

GDX:

 

GDX Daily Chart:

 

https://captainewave.com/wp-content/uploads/2018/01/ewjan2418gdx.png

Short Term Update:

 

The GDX was sharply higher in yesterday’s trading session. It looks like wave -i- is extending and still has potential to rally to the 25.50/26.00 level!

 

When wave -i- does end we should expect a wave -ii- correction that retraces between 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the end entire wave -i- rally. We will provide those retracement levels when we are sure that wave -i- is complete.

 

Our first projection for the end of wave iii is:

 

iii = 1.618i = 32.81.

 

We expect the wave iii will consist of a clear 5 wave impulsive pattern, of which we are now working on wave (i) of that pattern.

 

Based on that we should expect the following from our current gold stocks/indices:

 

Kinross: Uncertain here. Nested bullish waves might be in play here.

Barrick: Major low at 13.28, and we should now be heading sharply higher.

Newmont: Higher with nested bullish waves in play here.

SSR: Wave 2 still looks to be underway. Wave 1 ended at 19.53, back in July, 2016.

HUI: Higher now. See Monthly Chart

XAU: Higher now. See Monthly Chart.

 

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