MAR 21 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/03/ewmar2121gold.png

 

Long Term Update:

 

Gold was higher this past week reaching a high of 1754.20, closing at 1741.70!

                                                                          

We are now working on the assumption that all of wave ^ii^ is complete at the 1673.30 low and if that is the case then we should now be starting to rally sharply higher in wave ^iii^.

 

Our next challenge will be a break and close above our red horizontal resistance at around 1770.00/1790.00 and then a further break above our red downtrend line that are shown on the Weekly Gold Chart.

 

We will provide our first projections for the end of wave ^iii^ when we are sure that all of wave ^ii^ is complete.

 

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

 

*iii* = 1.618*iii* = 2306.30.

 

We do have higher projections also.     

                              

Active Positions: Long with puts as stops!  

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/03/ewmar2121si.png

 

Long Term Update:

 

Silver was higher this past week reaching a high of 26.74, closing at 26.32!  

                                                                  

We are not sure that wave ii of 3 is still underway but if it is, our retracement levels are:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 20.78;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 18.62.

 

Our current count is still suggesting that we are falling in wave c which has a minimum target of the wave a low of 21.81, but likely lower…somewhere within our above mentioned retracement zone.

 

However, based on what silver is doing compared to gold we are not so sure that silver is going to fall all the way back to the 21.00 level.

 

It could be possible that all of wave ii in silver ended at the 21.96 low and in that case we have already starting rallying in wave iii. This is not our alternate count.

 

We will give this market another week to see if this is what is really happening.   

 

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.

 

We plan to add to our long silver positions at 19.50.

 

Active Positions: Long at 14.85, with a put as a stop, and will add at 19.50!

 

US 10 Year Bond Yield:

 

Long Term Update:

 

The 10 Year US Bond Yield was higher this past week reaching a high of 1.754{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, closing at 1.732{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}.

 

It appears that the bear market in US interest is now over and it ended at the 0.398{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} low!

 

Our count suggests (you might want to sit down for this one): 

 

Over the next couple of decades we are rallying back to the all-time high 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{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}.

 

We expect to move higher in the weeks ahead as we head toward the 1.910{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} level. After wave (iii) ends we expect a wave (iv) drop that retraces between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave (iii) rally.

 

Active Positions: Flat.

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/03/ewmar2121oil.png

 

Long Term Update:                                                                          

             

Crude was sharply lower this past week reaching a low of 58.28, closing at 61.44.                               

 

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.

 

It now looks like wave -i- is complete at the 67.98 high so we should now be falling in wave -ii-, which has the following retracement levels:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 50.81

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 46.81.

 

We expect lower prices as wave -ii- continues to develop.

 

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/2021/03/ewmar2121su.png

 

Long Term Update:

 

Suncor was sharply lower this past week reaching a low of 21.36, closing at 22.02.

 

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/2021/03/ewmar2121sp.png

 

Long Term Update:

 

The SP500 was initially higher this past week reaching another all-time new high at 3983.87, and then we closed lower at 3913.10.

 

Our current projection for the end of wave (iii) is:

 

(iii) = 1.618(i) = 4001.14.

 

We are getting close to our projected endpoint for all of wave (iii).

 

After wave (iii) ends we expect a wave (iv) correction that retracements between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave (iii) rally.

 

At current levels this should result in a 300 to 500 point correction in the SP500.

 

Active Positions: Flat!

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/03/ewmar2121usd.png

 

Long Term Update:

 

The USDX moved generally sideways this past week, although we closed a bit higher at 91.93.

 

Wave -iii- is now complete at the 89.17 low and we are rallying in wave -iv- which has the following retracement levels:

 

23.6{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 91.95;

38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 93.68.

 

Wave -iv- now has a completed 3 wave rally from the wave -iii- low of 89.17.

 

We cannot rule the possibility that all of wave -iv- is now complete at the 92.53 high and that we have now started to fall again in wave -v-.

 

Active Positions: Flat!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/03/ewmar2121cdnx.png

 

Long Term Update:

 

The CDNX was higher this past reaching a high of 999.86, closing at 995.80.

 

We are going to buy a 2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of Ewave Juniors Portfolio starter position in Aurion (AIRRF or AU.v).  Stoploss for half under the March lows, and the rest is a core position.  It’s down 50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} from the summer highs and time for action!

 

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 a portfolio of key CDNX juniors, for a long term hold!

 

GDX: 

 

Weekly GDX Chart: https://captainewave.com/wp-content/uploads/2021/03/ewmar2121gdx.png

 

Long Term Update:

 

The GDX was higher this past week reaching a high of 34.48, closing at 33.89!

 

Our retracement level for all of wave *ii* are:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 30.98;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 27.49.

 

We continue to hold the major support line, and we believe that all of wave *ii* is likely complete at the 30.64 low.

 

We now need to be on guard for the start of a major rally in wave *iii*. If all of wave *ii* is now complete at the 30.64 low then our first projection for the end of wave *iii* is, incredibly, up at:

 

*iii* = 1.618*i*= 78.63.

 

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 recently added to our long positions at 31.50!

 

Bitcoin: 

 

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/03/ewmar2121bit.png

 

Long Term Update:

 

Bitcoin was initially lower this past week reaching a low of 53269, although we closed higher at 59289.

 

Bitcoin started trading on this chart in 2014 and as you can see in our Bitcoin Weekly Chart that it has risen sharply fromm that inception date.

 

In the longer term Bitcoin appears to rising in an impulse fashion and we are getting close to finishing this first impulsive sequence with wave (3) of 1 or A ending at the 58349 high.

 

It looks like all of wave (4) ended at the 43665 low and we are now rallying in wave (5).

 

We have satisfied the minimum requirements for a completed wave (5) rally at the current high of 61749.

 

This current wave (5) rally will complete a 5 wave impulsive sequence for this market. Either a wave 1 of A will be completed and the next move for this market will be a 50 to 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement correction in either wave 2 or B of the entire move in bitcoin.

 

For example, a 61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} retracement from the current high would see bitcoin drop to the 24000 level.

 

Thanks!

Captain & Crew