MAY 9 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/05/ewmay921gold.png

 

Long Term Update:

 

Gold was nicely higher this past week reaching a high of 1844.60, and closing at 1831.30!

                                                                          

We continue to rally sharply higher in wave ^iii^. We broke through the 1770.00/1790.00 resistance and our next big challenge will be breaking through our red downtrend line connecting 2077.90 and 1962.50.

 

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.

 

Our high this week was 1844.60 which is pretty close to our projected endpoint for all of wave -iii-, however it looks like the internal wave structure for all of wave -iii- may not be complete at the 1844.60 high, so we may see wave -iii- extend further before it ends.

 

We will see how gold trades in the Sunday overnight session to get a better idea about the end of wave -iii-.

 

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/ewmay921si.png

 

Long Term Update:

 

Silver was higher past week reaching a high of 27.90, closing at 27.48!  

                                                                  

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 prices next 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 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 low of 1.478%, closing at 1.577%!

 

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/ewmay921oil.png

 

Long Term Update:                                                                          

             

Crude was higher this past week reaching a high of 66.76, closing at 64.90!

 

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/ewmay921su.png

 

Long Term Update:

 

Suncor was sharply higher this past week reaching a high of 24.64, closing at 24.63!

 

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/ewmay921sp.png

 

Long Term Update:

 

The SP500 was higher this past week reaching another all-time new high at 4238.04, closing at 4232.60!

 

From the 3723.34 low we have now completed the minimum requirements for a completed 5 wave impulsive sequence at the 4238.04 high. It looks like wave .iv. of this sequence has become a bullish triangle which we detail in Monday’s Morning Post.

 

Active Positions: Flat.

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/05/ewmay921usd.png

 

Long Term Update:

 

The USDX was initially higher this past week reaching a high of 91.43, but we closed lower at 90.17!

 

Wave -iv- is now complete at the 93.47 high, so we should now be heading 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/ewmay921cdnx.png

 

Long Term Update:

 

The CDNX was initially marginally higher this past reaching a high of 962.05, although we closed marginally lower at 954.98!

 

We are still waiting for confirmation that all of wave $ii$ of -iii- is complete 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. We are waiting for the head and shoulder breakout, which should occur next week.

 

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/ewmay921gdx.png

 

Long Term Update:

 

The GDX was sharply higher this past week, reaching a high of 37.58, and closing at 37.42!

 

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.

 

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/2021/05/ewmay921bit.png

Long Term Update:

 

Bitcoin was higher this past week reaching a high of 59522, closing at 56750!

 

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 some time  (and even maybe 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 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, if that is the end of 1/A….

 

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. In this scenario: After wave (4) ends we should expect another rally to all time new highs in wave (5) of 1 or A.

 

Thanks!

Captain & Crew