JUNE 6 WEEKLY CHARTS POST!

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun621gold.png

 

Long Term Update:

 

Gold was initially higher this past week reaching a high of 1919.20, although after that high was made, we moved lower reaching a low of 1855.60.

 

We closed lower, but way above those lows, at 1892.00!

                                                                          

We continue to rally sharply higher in wave ^iii^. Within wave ^iii^ we are working on wave -iii-, which has our projected endpoint of:                   

 

-iii- = 4.25-i- = 1952.40.

 

Within wave -iii-, we completed wave $iii$ at the 1915.60 high and likely all of wave $iv$ at the 1855.60 low. If that is the case we are now starting to rally higher in wave $v$ of -iii-.

 

After wave -iii- ends we expect a wave -iv- correction that retraces between 23.6 to 38.2% of the entire wave -iii- rally.

 

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/ewjun621si.png

 

Long Term Update:

 

Silver was initially higher this past week reaching a high of 28.71, but after that higher was made we moved lower reaching a low of 27.09. We closed at 27.90. 

                                                                  

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.

 

We are likely still working on wave *i* of -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!

 

US 10 Year Bond Yield:

                                                                                               

Long Term Update:

 

The 10 Year US Bond Yield was lower this past week reaching a lower of 1.557%, closing at 1.560%!

 

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. We are currently working on the internal subdivision count within 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/ewjun621oil.png

 

 

Long Term Update:                                                                          

             

Crude was higher this past week reaching a high of 69.76, closing at 69.62!

 

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 69.76 does not look impulsive which is suggesting lower prices lie head. 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/ewjun621su.png

 

Long Term Update:

 

Suncor was sharply higher this past week reaching a high of 25.60, closing at 25.49!

 

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/ewjun621sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching a high of 4234.12, closing at 4229.89!

 

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 wave (iv), which has the following retracement levels;

 

23.6% = 3889.53;

38.2% = 3674.95.

 

It is too early to determine which type of corrective pattern wave (iv) is going to become.

 

Active Positions: Short with calls as stops!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun621usd.png

 

Long Term Update:

 

The USDX was higher this past week reaching a high of 90.62, closing at 90.13!

 

We continue to move lower in wave -v-. 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/ewjun621cdnx.png

 

Long Term Update:

 

The CDNX was higher this past reaching a high of 978.0, closing and closing on its high of 978.01! We expect another higher close in the in the CNDX next week.

 

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 $iii$. We will provide your first projections for the end of wave $iii$, when we believe all of the wave $ii$ is complete.

 

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/ewjun621gdx.png  

 

Long Term Update:

 

The GDX was lower this past week reaching a low of 38.01, closing at 38.68.

 

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

 

*iii* = 1.618*i*= 78.63.

 

We updated our internal count for wave -iii- to suggest that all of wave $iii$ ended at the 40.13, and also all of wave $iv$ at the 38.01 low. If that is the case we should now be rallying in wave $v$ of -iii-, which has the following projected endpoint:

 

-iii- =2.618-i- = 41.70.

 

Expect higher prices next week.

 

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 at 31.50.

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/06/ewjun621bit.png

 

Long Term Update:

 

Bitcoin moved sideways this past week, closing at 35900.

 

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