JULY 11 WEEKLY CHARTS POST!

                           Weekend Post

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul1021gold.png

 

Long Term Update:

 

Gold was higher this past week reaching a high of 1819.50, closing at 1810.60!

                                                                          

Wave (ii) may now be complete at the 1750.10 low.

 

On the Intraday Chart we appear to be rallying out of the 1750.10 low in an impulsive fashion which does not appear over at the 1819.00 high, so we should see higher prices earlier next week.

 

In fact, on the same Intraday Chary from the 1815.70 high we appear to be working on a bullish triangle that is almost complete.

 

If this observation is correct then once this bullish triangle ends we should see a thrust higher of about $30 plus based on the size of the current triangle formation.      

 

Next resistance is back at the 1919.00 high.

 

We will provide our initial projections for the end of wave (iii) likely next week.

 

The USDX is likely breaking lower now in an ending diagonal triangle formation that is bullish for gold and silver.                                          

 

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 added to our longs!

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul1121si.png

 

Long Term Update:

 

Silver was initially higher this past week reaching a high of 26.91, but we closed lower at 26.23.

                                                                  

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 are still waiting for confirmation that all of wave -ii- is complete at the 25.58 low. We will provide our first projections for the end of wave -iii- likely 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.

 

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 were sharply lower this past week reaching a low of 1.268%, closing at 1.1356%!

 

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/ewjul1121oil.png

 

Long Term Update:                                                                          

             

Crude was initially sharply lower this past week reaching a low of 70.76, although by the end of week we had recovered most of those losses to only close marginally lower at 74.56.

 

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.

 

Within wave (v), we may have completed all of wave $iv$ at the 70.76 low, although the time to it took to develop seemed to be a bit short, so wave $iv$ could still be underway as a bullish triangle formation.

 

(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/ewjul1121su.png

 

Long Term Update:

 

Suncor was lower past week reaching a low of 22.53, closing at 23.27!

 

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 22.53. 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/ewjul1121sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time high at 4371.60, closing at 4369.55!

 

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

 

(iii) = 2.618(i) = 4767.12

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul1121usd.png

 

Long Term Update:

 

The USDX was initially higher this past week reaching a high of 92.84, although we closed lower at 92.12!

 

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*.

 

We are watching an ending diagonal triangle formation on the Daily USDX Chart, that may now be complete at the 92.84 high. A break now below the 92.00 will confirm that it is complete at the 92.84 high.

 

If that is the case then we should expect the USDX to start to drop in wave *iii*. We will provide our first projected endpoint for wave *ii* next week.

 

We are still watching the very bearish triangle formation alternate count as shown on our Daily USDX Chart, which remains valid and if this is the path that the USDX is following then the USDX is heading sharply lower, which would support much higher gold and silver prices.

 

Active Positions: Short risking to 93.50!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul1121cdnx.png

 

Long Term Update:

 

The CDNX was lower this past week reaching a low of 918.97, closing at 938.47.

 

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 918.97 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 $iii$ likely 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/ewjul1121gdx.png

 

Long Term Update:

 

The GDX was lower this past week reaching a low of 33.38, but we recovered most of those early losses to close only marginally lower at 34.37!

 

We expect 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^ likely next week as we expect that our wave ^iii^ rally is just getting started.

 

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… with no stops and we have added to our long positions!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/07/ewjul1121bit.png

Long Term Update:

 

Bitcoin was lower this past week reaching a low of 32109, closing at 33733!

 

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, although on the Daily Bitcoin Chart we are watching a continuation of a bearish triangle formation still developing.

 

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.

 

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

 

Thanks!

Captain & Crew