JUNE 20 WEEKLY CHARTS POST!

Weekly Charts Post!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2021gold.png

 

Long Term Update:

 

Gold was sharply lower this past week reaching a low of 1761.20, closing at 1769.00.

                                                                          

Within wave ^iii^, it now looks like all of wave (i) ended at 19191.20 high and if that is the case then we are now falling in wave (ii).

 

We have already reached our 61.8% retracement level for all of wave (ii) which is 1765.90, so we need to be on guard for its completion and the start of our expected wave (iii) of ^iii^ rally. 

 

We bought more gold on Friday!                                              

 

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 on Friday!!

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2021si.png

 

Long Term Update:

 

Silver was sharply lower this past week reaching a low of 25.77, closing at 25.97.

                                                                  

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 now appear to have completed wave -i- at 28.90 and all or most of wave -ii- at the 25.77 low. Our 61.8% retracement for all of wave -ii- is 25.74, so we need to be guard for the completion of wave -ii-, and the start of a sharp rally in wave -iii-.   

 

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 longs on Friday.

 

US 10 Year Bond Yield:

                                                                                               

Long Term Update:

 

The 10 Year US Bond Yield was lower this past week reaching a lower of 1.438%, closing at 1.450%!

 

It appears that the bear market in US interest is now over and 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 in the weeks ahead 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/2021/06/ewjun2021oil.png

 

Long Term Update:                                                                          

             

Crude was higher this past week reaching a high of 72.99, closing at 71.29!

 

We still think that we are working on a complex wave -ii- correction that has the following retracement levels:

 

50% = 50.81

61.8% = 46.81.

 

The rally from 57.25 to the current high of the current high of 71.24 does not look impulsive which is suggesting lower prices lie head, after this rally ends. We are still short of retracement levels for our wave -ii- correction, so we still expect a drop at least back to our 50% retracement level of 50.81, before all of wave -ii- ends.

 

After wave -ii- ends we expect a very sharp rally higher in wave -iii-.

 

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.

 

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/2021/06/ewjun2021su.png  

 

Long Term Update:

 

Suncor was initially higher past week reaching a high of 26.73, but we closed lower sharply lower at 23.39.

 

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 likely 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-, which has an initial projected endpoint of:

 

-iii- = 1.618-i-=31.29.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2021sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time high at 4257.16, although we closed lower at 4166.45.

 

From the 3723.34 low we have now completed the minimum requirements for a completed 5 wave impulsive sequence at the 4238.04 high, and we are now working on the assumption that all of wave (iii) of v is complete at that high. We should therefore be falling in complex wave (iv) correction, which has the following retracement levels;

 

23.6% = 3889.53;

38.2% = 3674.95.

 

It is starting to look like wave (iv) has become a flat correction, which we will discuss more in our Monday Morning Post.

 

Active Positions: Short with calls as stops.

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/06/2021jun2021usd.png

 

Long Term Update:

 

The USDX was sharply higher this past week reaching a high of 92.39, closing at 92.21!

 

It looks like within wave -v-, wave *i* ended at 89.52, and if that is the case we are now rallying in wave *iii*. Our 61.8% retracement level for all of wave *ii* is 91.96, which have exceeded.

 

We need to turn down now for our current count within wave -v- to remain valid, otherwise it could be possible that wave -iv- has become more complex and in this case we will be heading back to the 93.47 level before it ends.

 

The other option is that wave -iv- is becoming a bearish triangle, which we will discuss in more detail in our Monday Morning Post.

 

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

 

Active Positions: Flat.

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2021cdnx.png

 

Long Term Update:

 

The CDNX was initially marginally higher this past week reaching a high of 982.22, but we closed lower at 946.83!

 

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 939.49 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, for a long term hold!

 

GDX: 

 

Weekly GDX Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2021gdx.png

 

Long Term Update:

 

The GDX was sharply lower this past week reaching a low of 34.10, closing at 34.13.

 

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^ could be complete at the 34.10 low. Our 61.8% retracement level for all of wave ^ii^ is 34.17. After wave ^ii^ ends we expect a sharp rally in wave ^iii^.

 

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 added to our long positions this week also!!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2021bit.png

Long Term Update:

 

Bitcoin was initially higher this past week reaching a high of 41307, but we closed lower at 34197!

 

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 form the 64860 high we are falling in an impulsive sequence which does NOT look to be complete at the 29925 low.

 

We need one more drop below that low to satisfy all of the minimum requirement for our first impulsive sequence to be complete. After that happens we would have completed all of wave (a).

 

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

 

Thanks!

Captain & Crew