JUL 4 WEEKLY CHARTS POST!

 

Note: No Post Tomorrow Morning due to July 4th Holiday Weekend in the USA.

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul421gold1.png  

Long Term Update:

 

Gold was initially lower this past week reaching a low of 1750.10, but we closed higher at 1783.30!

                                                                          

Within wave ^iii^, wave (i) ended at 19191.20 high and if that is the case then we are now falling in wave (ii), which may now be complete at the 1750.10 low.

We did have a (small) Key Weekly Reversal higher this past week, which might the signal that all of wave (ii) is now complete at the 1750.10 low.     

 

Last week our small bearish triangle formation end and we got our thrust lower to the 1750.10 low.

 

We will want to see a rally above the 1797.50 price... To confirm that all of wave (ii) is now complete.

 

We will provide our initial projections for the end of wave (iii) in the next couple of days.

 

We also note that the USDX had a Key Daily Reversal lower in Friday also, which might be a good sign for the gold bulls.        

 

Longer term our initial projection for the end of wave ^iii^ is:

 

^iii^ = 1.618^i^ = 2687.80.

 

Longer term our current initial projected endpoint for all of wave *iii* is:                                                 

 

*iii* = 1.618*iii* = 2306.30.

 

We suspect that wave *iii* will likely extend since wave ^iii^ of *iii* is now projected to be higher than the current complete wave *iii* projection.     

                              

Active Positions: Long with puts as stops. We are adding to our longs again! 

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul421si1.png

 

Long Term Update:

 

Silver was higher this past week reaching a high of 26.70, closing at 26.50!  

                                                                  

Wave ii is complete at the 21.96 low and we are now rallying higher in wave iii of 3, which has an initial projected endpoint of:

 

iii = 1.618i = 51.52.

 

Within wave iii, we completed wave (i) at 29.91 and all of wave (ii) at the 23.74 low. We are now rallying in wave (iii) of iii, which has the following initial projected endpoint:

 

(iii) = 1.618(i) = 34.22.

 

Within wave (iii), we completed wave -i- at 28.90 and likely all of wave -ii- at the 25.58 low. If that is the case we are now starting to rally higher again in wave -iii-.   

 

We completed our small bearish triangle formation and reached a low of 25.58 with the thrust lower.

 

We have also now rallied above the 26.55 high, which is suggesting that all of wave -ii- is now complete at the 25.58 low.

 

We will provide our first projections for the end of wave -iii- shortly!                             

 

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.

 

Active Positions: Long at 14.85, with a put as a stop. We added to our long on Friday.

 

US 10 Year Bond Yield:

                                                                                               

Long Term Update:

 

The 10 Year US Bond Yield was lower this past week reaching a low of 1.426%, closing at 1.431%.

 

The multi-decade bear market in US interest is now over as it ended at the 0.398% low. Over the next couple of decades we are now rallying back to the all-time in rates that we saw in the 1980’s.

 

This multi-decade rally should be impulsive and we are now working on our very first impulsive sequence.

 

Within that impulsive sequence we are rallying in wave (iii) which has an initial projected endpoint of:

 

(iii) = 1.618 (i) =1.910%.

 

We expect to move higher as we head toward the 1.910% level. Within wave (iii) we completed wave *iii* at 1.765% and are still working on our wave *iv* correction.

 

After wave *iv* ends we expect a wave *v* rally to complete all of wave (iii). After wave (iii) ends we expect a wave (iv) drop that retraces between 23.6 to 38.2% of the entire wave (iii) rally.

 

Active Positions: Flat.

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul421oil.png  

 

Long Term Update:                                                                          

             

Crude was sharply higher this past week reaching a high of 76.22, closing at 75.16!

 

We continue to work on wave i of C and within wave i, we completed all of wave (iii) of i at 67.98, and all of wave (iv) as a bullish triangle at 58.73. We are now rallying in wave (v) of i, which appears incomplete.

 

A continuation of this rally to at least the 76.90 level appears likely. After wave i ends we expect a wave ii correction that should retrace between 50 to 61.8% of the entire wave i rally.

 

(iii) = 1.618(i) = 93.96.

 

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/2021/07/ewjul421su.png

 

Long Term Update:

 

Suncor moved sideways this past week, but closed lower at 23.93!

 

We continue to rally sharply higher in wave iii. Our have updated our projection for the end of wave iii to:

 

iii = 2.618i = 42.40.

 

Within wave (i) of iii it looks like wave -iii- ended at the 25.73 and wave -iv- at 23.22. We should now be rallying in wave -v- of (i).

 

After wave (i) ends we expect a drop in wave (ii) which should retrace between 23.6 to 38.2% of the entire wave (i) rally.

 

Active Positions: Long crude, with puts as a stop. Long Suncor.                                

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul421spw.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time high at 4355.23, closing at 4352.34!

 

It now appears that wave (iii) is extending and our next projected endpoint for its completion is:

 

(iii) = 2.618(i) = 4767.12

 

 

We have exited our short positions, with minimal damage due to the put options.

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul421usd.png

 

Long Term Update:

 

The USDX was higher this past week reaching a high of 92.76, closing at 92.41!

 

It looks like within wave -v-, wave *i* ended at 89.52, and if that is the case we are now rallying in wave *ii*. This week the high is at the 78.6% retracement level and we also had a Key Daily Reversal lower on Friday.

 

We believe that all of wave *ii* is now complete at the 92.76 high and we should now expect the USDX to start to drop in wave *iii*. We will provide our first projected endpoint for wave *ii* in next couple of days.

 

We are still watching the very bearish triangle formation alternate count as shown on our Daily USDX Chart also.

 

With our current count we still expect further losses, with a drop to at least the 88.15 low.

 

Active Positions/Recomm: Go Short risking to 93.50!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul421cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week reaching a high of 968.39 and closing on its high of 968.39!

 

It appears that wave $ii$ is now complete at the 902.36 low. If that is the case then we should start to rally sharply higher in wave $iii$, and within wave $iii$, wave *i* ended at 981.88 and all or most of wave *ii* at the 935.10 low.

 

If that is the case then we should start to rally higher in wave *iii* of $iii$. We will provide our first projection for the end of wave $iii$ next week.

 

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

 

.iii. = 1.618.i. = 1357.02    

 

Wave .iii. is now subdividing and if that is the case then we should now be rallying sharply higher in wave -iii- of .iii. Our initial projected endpoint for all of wave -iii- is:

 

-iii- =1.618-i- = 1592.50.                           

 

Our minimum long term target for the end of wave C is 3341.56.

 

Active Positions: Long the GDXJ and key juniors, for a long term hold!

 

GDX: 

 

Weekly GDX Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul421gdx.png

 

Long Term Update:

 

The GDX was initially lower this past week reaching a low of 33.30, but we closed marginally higher at 34.42!

 

We to rally sharply higher in wave *iii*, which has the following projected endpoint:

 

*iii* = 1.618*i*= 78.63.

 

It look like that with wave *iii* all of wave ^i^ ended at the 39.88 high and all or most of wave ^ii^ should now be complete at the 33.30 low. We will provide our first projection for the end of wave ^iii^ in the next couple of day, as we expect that our wave ^iii^ rally is now underway.

 

Our current projection for the end of 3 is:

 

3 = 2.618 (-1-) = 66.37.                                          

 

We do have higher targets also.

 

Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… Subs can add to your long positions this week also.

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul421bit.png

 

Long Term Update:

 

Bitcoin was higher this past week reaching a high of 36626, closing at 35421!

 

We have graphically shown our suggested path for all of wave 2 or B on our Bitcoin Weekly Chart.

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 of B which has the following retracement levels:

 

50% = 32430;

61.8% = 24777.

 

We have already entered our retracement zone for all of wave 2 or B, but we doubt that it is complete so quickly. On the Daily Chart it looks like from the 64860 high we are falling in an impulsive sequence which could now be complete at the 28908 low.

 

After wave (a) ends we expect a wave (b) rally that retraces between 50 to 61.8% of the entire wave (a) drop.

 

After wave (b) ends we expect one more drop in wave (c) to complete all of wave 2 or B.

 

We will provide our first projections for the end of the wave (b) rally, after we believe that all of wave (a) is complete.

 

 

Thanks!

Captain & Crew