JUNE 27 WEEKLY CHARTS POST!

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2721gold.png

 

Long Term Update:

 

Gold was higher this past week reaching 1795.80, closing at 1777.80!

                                                                          

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.    

 

On the Intraday Chart we have a small bearish triangle formation which developed this past week. If this observation is correct, then we should see one more drop below the 1761.20 level, before all of wave (ii) ends.

 

A rally now above 1797.50, would eliminate this formation and suggest that the 1761.20 low is the end of all of wave (ii).                       

 

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! 

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2721si.png

 

Long Term Update:

 

Silver was initially lower this past week reaching a low of 25.58, although we closed higher at 26.09!  

                                                                  

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 continue to work on the final subdivisions within wave -ii-. 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-.  

 

On the Intraday Chart we have a small bearish triangle formation which developed this past week. If this observation is correct, then we should see one more drop below the 25.58 low, before all of wave -ii- ends. A rally now above 26.55 would eliminate this formation and suggest that the 25.58 low is the end of all of wave -ii-.                                                 

 

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 puts as a stop!

 

US 10 Year Bond Yield:

                                                                                               

Long Term Update:

 

The 10 Year US Bond Yield was higher this past week reaching a high of 1.545%, closing at 1.536%!

 

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/2021/06/ewjun2721oil.png

 

Long Term Update:                                                                          

             

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

 

We updated our count in crude this week to suggest that 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 remains incomplete.

 

A continuation of this rally to at least the 76.90 level appears like. 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/2021/06/ewjun2721su.png

 

Long Term Update:

 

Suncor moved sideways this past week, but closing higher at 24.64!

 

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/2021/06/ewjun2721sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time high at 4286.12, although we closed lower at 4280.70!

 

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.

 

Active Positions: Short with calls as stops!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2721usd.png

 

Long Term Update:

 

The USDX was lower this past week reaching a low of 91.50, closing at 91.84!

 

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.

 

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/ewjun2721cdnx.png

 

Long Term Update:

 

The CDNX was initially lower this past week reaching a low of 935.10, but we closed higher at 948.51!

 

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 plan to provide our first projection for the end of wave $iii$ soon.

 

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 CDNX juniors, for a long term hold!

 

GDX: 

 

Weekly GDX Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2721gdx.png

Long Term Update:

 

The GDX was higher this past week reaching a high of 35.18, closing at 34.36!

 

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 recently!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun2721bit.png

 

Long Term Update:

 

Bitcoin was lower this past week reaching a low of 28908, but closing at 33157!

 

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.

 

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

 

Thanks!

Captain & Crew