MAY 31 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Note: Next morning Post will be June 01,2021, due to the Memorial Day holiday in the USA today, May 31st, 2021

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/05/ewmay3021gold.png  

Long Term Update:

 

Gold was higher this past week reaching a high of 1915.60 and closing at 1905.30!

                                                                          

We continue to rally sharply higher in wave ^iii^.

 

The next resistance is at our red horizontal line which is at the 1906/1966 level.

 

In the short term a run to the 1935/1940 is likely.

                                                                             

Our next projected endpoint for all of wave -iii- is:

 

-iii- = 4.25-i- = 1952.40.

 

After wave -iii- ends we 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/ewmay3021si.png

 

Long Term Update:

 

Silver moved basically sideways this past week, although we closed higher at 28.01. 

                                                                  

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 expect higher prices this week.

 

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 our stop!

 

US 10 Year Bond Yield:

                                                                                               

Long Term Update:

 

The 10 Year US Bond Yield was lower this past week reaching a lower of 1.579%, closing at 1.581%!

 

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 should be 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/ewmay3021oil.png

 

Long Term Update:                                                                          

             

Crude was higher this past week reaching a high of 67.52, closing at 66.32.

 

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 do 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 big 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/ewmay3021su.png

 

Long Term Update:

 

Suncor moved sideways this past week, although we closed lower at 23.10!

 

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/ewmay3021sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching a high of 4218.36, closing at 4204.11.

 

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/2021/05/ewmay3021usd.png

 

Long Term Update:

 

The USDX was marginally lower this past week reaching a low of 89.51, closing at 89.99.

 

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/2021/05/ewmay3021cdnx.png

 

Long Term Update:

 

The CDNX was higher this past reaching a high of 966.28 and closing on its high of 966.28! We expect a much higher close very soon, and maybe this 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 our 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/2021/05/ewmay3021gdx.png

 

Long Term Update:

 

The GDX moved sideways this past week, and we closed marginally higher at 39.421.

 

The GDX appears to be working on a bullish triangle that should be complete soon!

 

After it ends, we expect a sharp thrust higher.

 

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

 

*iii* = 1.618*i*= 78.63.

 

Within wave *iii*  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 all of wave $ii$ just short of our 50% retracement level at 34.31. We are now rallying in wave $iii$, which has the following initial project endpoint:

 

$iii$ = 1.618$i$ = 42.70.

 

We expect higher prices this 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 recently added to our long positions at 31.50!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/05/ewmay3021bit.png

Long Term Update:

 

Bitcoin was initially higher this past week reaching a high of 40855, although by the end of week we closed lower at 34325!

 

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, so it could be over… but we doubt that it is complete so quickly.

 

Also, 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 requirements 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