JAN 24 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/01/ewjan2421gold1.png  

Long Term Update:

 

Gold was initially lower this past week reaching a low of 1800.80, after which we moved decently higher on the week reaching a high of 1874.60.

 

We also closed higher, at 1856.20. We had a key weekly reversal higher, which might be telling us something about our current count.

                                                                          

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.

 

We will be watching to see if we get any follow-through on this week’s key reversal higher, next week.

 

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/ewjan2421si1.png

 

Long Term Update:

 

Silver was also initially lower this past week reaching a low of 24.04, after which we moved higher reaching a high of 26.13.

 

We closed higher at 25.56, and also had a key weekly reversal higher, like gold!

                                                                  ,

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 3 wave 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.

 

We will be watching to see if we get any follow through on this week’s key reversal higher next week.

 

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 moved sideways this past week closing at 1.091{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/ewjan2421oil1.png

 

Long Term Update:                                                                          

             

Crude moved sideways this past week, closing at 52.27.                                                                                      

 

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/ewjan2421su1.png

 

Long Term Update:

 

Suncor moved lower this past week reaching a low of 17.47, and closing at 17.70.

 

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/ewjan2421sp1.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time new high at 3861.45, closing at 3841.47.

 

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 a 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/ewjan2421usd.png

 

Long Term Update:

 

The USDX was lower this past week reaching a low of 90.03, closing at 90.21.

 

We are not 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 bit more time 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/ewjan2421cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week reaching ahigh of 947.60, closing at 947.43.

 

We continue to rally sharply higher in wave .iii. which has an initial endpoint of:

 

.iii. = 1.618.i. = 1357.02    

 

WE have now taken out major resistance at the 935.00/940.00 level, so we should see a test of that breakout next week, before we move higher again.                                                 

 

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 and quality CDNX-traded juniors, for a long term hold!

 

GDX: 

 

Weekly GDX Chart: https://captainewave.com/wp-content/uploads/2021/01/ewjan2421gdx.png

 

Long Term Update:

 

The GDX was higher this past week reaching a high of 36.32, closing at 35.23.

 

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.

 

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