MAY 2 WEEKLY CHARTS POST!

 

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/05/ewmay221gold.png

 

Long Term Update:

 

Gold was modestly lower this past week reaching a low of 1754.60, closing at 1767.70.

                                                                          

Wave ^ii^ is officially complete at the 1673.30 low and we are now 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 both shown on the Weekly Gold Chart.

 

We are now working on wave (i) of ^iii^ and within wave (i) we completed wave -i- at 1738.00 and all of wave -ii- at 1677.30. We are now rallying in wave -iii- to our second projected endpoint, which is:

 

-iii- = 2.618-i- = 1846.70.

 

Expect higher prices next week.

 

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

 

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/2021/05/ewmay221si.png

 

Long Term Update:

 

Silver was also lower this past week reaching a low of 25.75, closing at 25.87.  

                                                                  

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.

 

Expect higher sharply higher prices moving forward.

 

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 higher this past week reaching a high of 1.688%, closing at 1.631%.

 

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/2021/05/ewmay221oil.png

 

Long Term Update:                                                                          

             

Crude was sharply higher this past week reaching a high of 65.47, closing at 63.58!

 

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

 

50% = 50.81

61.8% = 46.81.

 

We are also challenging our multi-year breakout of our major downtrend line. We are still short of retracement levels for our wave -ii- correction, so we still expect lower prices ahead.

 

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/2021/05/ewmay221su.png

 

Long Term Update:

 

Suncor was sharply higher this past week reaching a high of 22.34, closing at 21.42!

 

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/2021/05/ewmay221sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time new high at 4218.78, closing at 4181.17!

 

We still to take a look at our internal wave count for all of wave v of V, as we suspect are current count is not correct and needs updating.

 

Active Positions: Flat.

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/05/ewmay221usd.png

 

Long Term Update:

 

The USDX was initially lower this past week reaching a low of 90.39, but we closed higher at 91.27!

 

Wave -iv- is now complete at the 93.47 high, so we should now be heading lower in wave -v-. Expect further losses.

 

Active Positions: Flat.

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/05/ewmay221cdnx.png

 

Long Term Update:

 

The CDNX was higher this past reaching a high of 955.26 and closing on its high of 955.26!

 

This week we probably completed all of wave $ii$ of -iii- at the 909.06 low and if that is the case then we should be starting to rally sharply higher in wave $iii$ of -iii-. We will provide projections for the end of wave $iii$, when we believe all of 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/2021/05/ewmay221gdx.png

 

Long Term Update:

 

The GDX was sharply lower this past week reaching a low of 34.31, closing at 34.36.

 

Wave *ii* is now complete at the 30.64 low and we are now rallying sharply higher in wave *iii*, which has the following projected endpoint:

 

*iii* = 1.618*i*= 78.63!

 

Within wave *iii*  we are now working on wave ^i^ of *iii*, where completed wave -i- at 34.48 and wave -ii- at 31.65. We are now rallying in wave -iii-, which has the following extended projected endpoint of:

 

-iii- =2.618-i- = 41.70.

 

It now looks like wave -iii- is subdividing with wave $i$ ending at 36.84, and if that is the case then we are now falling in wave $ii$ which has the following retracement levels:

 

50% = 34.24;

61.8% = 33.63.

 

WE are still a bit short of out 50% retracement level, so we could see some further weakness early next, before all of wave $ii$ ends and we start to rally again sharply higher in wave $iii$ of -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 at 31.50.

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/05/ewmay221bit.png

Long Term Update:

 

Bitcoin was higher this past week reaching a high of 58499, closing at 56866!

 

We need to be on guard for the possibility that all of wave 1 or A is now complete in Bitcoin.

 

 If that is the case then Bitcoin is going to spend the next couple of years correcting in either wave 2 or B.

 

In either case the correction should retrace between 50 to 61.8% of the entire wave 1 or A move.

 

We will provide those retracement levels once we believe that all of wave A or 1 is complete.

 

WE expect a final drop of between 34000 to 40000 points from the 64860 top.

 

There is an outside chance that wave (4) of 1 or A is still underway and is becoming a bullish triangle that has a number of months to go before it ends. If so: After wave (4) ends we should expect another rally to all time new highs in wave (5) of 1 or A.

 

Thanks!

Captain & Crew