NOV 22 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2020/11/ewnov2220gold.png

 

Long Term Update:

 

Gold moved higher this past week, reaching a high of 1898.00, but we closed lower at 1872.40.   A decent close.

                                                                          

Wave ^iv^ has become more complex than we the original wave count suggested, although it could now be complete the 1848.00 low.

 

Wave ^iv^ looks to have become a double 3 wave corrective pattern.

 

We are now waiting for confirmation that it is complete at the 1848.00 low!

 

After wave ^iv^ ends we expect a sharp rally higher in wave ^v^ of *iii*, which has the following initial projected endpoint:                                                 

 

*iii* = 1.618*iii* = 2306.30

 

We do have higher projections also! 

 

We also have our alternate count in red which is suggesting that we are still working on wave ^iii^, and within wave ^iii^, the current correction is wave $iv$, as shown on our important Gold Weekly Chart.         

                              

Active Positions: Long with puts as stops!    

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2020/11/ewnov2220si.png

 

Long Term Update:

 

Silver was higher this past week reaching a high of 25.16, but like gold, we closed lower at 24.36.

                                                                  ,

Our core view: We believe that all of wave ii of 3 is complete at the 21.81 low and we are now starting to accelerate higher in wave iii.

 

Our initial projection for the end of wave iii is:

 

iii = 1.618i = 51.37.

 

Next major resistance will be the 26.00/26.25 area.

 

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 0.826{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, closing at 0.829{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}.

 

We continue to work on the assumption that wave (v) is extending lower, with wave *i* ending at 0.398{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} and all of wave *ii* at the 1.226{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} high. We are now falling in wave *iii*, which will see negative rates for this market.

 

Within our wave *iii* drop it looks like wave ^i^ ended at 0.568{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}. It has taken awhile but we did finally reach our minimum target of 0.957{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} this week, and we are now waiting for confirmation at all of wave ^ii^ is complete at the 0.975{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} high.

 

After wave ^ii^ ends we expect a sharp drop in rates in wave ^iii^, which should see rates go below zero.  

 

Active Positions: Flat.

 

Crude Oil:

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2020/11/ewnov2220oi.png

 

Long Term Update:                                                                          

             

Crude was higher this past week reaching a high of 42.68, closing at 42.42.                                                                                      

 

We are well short of our retracement levels for all of wave (ii) which are:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 25.14;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 20.74.

 

Regardless, it looks like all of wave (ii) is complete at the 33.64 low.

 

If that is the case then we should expect a very sharp rally in crude in wave (iii) that has an initial projected endpoint of:

 

(iii) = 1.618(i) = 93.96.

 

We are still concerned about how shallow our wave (ii) correction was so we still cannot rule the possibility that wave (ii) is going to become much more complex then just a simple 3 wave pattern.  

 

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/2020/11/ewnov2220su.png

Long Term Update:

 

Suncor was higher this past week reaching a high of 15.89, closing at 15.41.

 

It looks like wave i ended at 21.73 and all of a very deep wave ii correction ended at 10.67. If that is the case then we are now rallying sharply higher in wave iii. We will give this market and crude more time to see where we go, but our initial projection for the end of wave iii is:

 

iii = 1.618i = 30.73!

 

Active Positions: Long crude, with puts as a stop. Long Suncor!                                

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2019/02/ewfeb2419sp.png

 

Long Term Update:

 

The SP500 was lower this past week reaching a low of 3543.84, closing at 3557.54.  

 

Within wave -iii-, we completed wave .iii. at the 3588.11 high, and all of wave .iv. as a failure 3233.94. Our current high for wave .v is 3545.99, which is a bit short of our projected endpoint for all of wave -iii- which is:

 

-iii- = 1.618-i- = 3710.44.

 

We are thinking that all of wave -iii- may be complete at the 3645.99 high and if that is the case then we are now starting to fall in wave -iv-. Wave -iv- should retrace between 23.6 to 38.2{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} of the entire wave -iii- rally. We will provide those levels when we believe that all of wave -iii- is complete.

 

In the longer term our initial projected end point for all of wave (iii) is:

 

(iii) = 1.618(i) = 4001.14.

 

Active Positions: Flat.

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2020/11/ewnov2220usde.png

 

Long Term Update:

 

The USDX moved generally sideways this past week, closing lower at 92.39.

 

We are still working on wave -iii-, which has the following initial endpoint of:

 

-iii- = 1.618-i- = 91.88.

 

Within wave -iii-, it looks like all of wave *iii* ended at the 91.75 low. If wave *iv* did end at the 94.80 high then we should now be falling in wave *v* of -iii-.

 

Active Positions: Flat.

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2020/11/ewnov2220cdnx.png

 

Long Term Update:

 

The CDNX was higher this past week reaching a high of 745.53, closing at 740.45.  An incredible performance with gold/silver/GDX soft!

 

This is a very resilient market!!!

 

We are still working on wave -iii- of .i., and within wave -iii- it now looks like wave (iv) is now complete at the 665.61 low. We should now be rallying in wave (v) of -iii- which has the following projected endpoint:

 

-iii- = 6.25-i- = 870.15.                                                           

 

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

 

Our minimum 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/2020/11/ewnov2220gdx.png

 

Long Term Update:

 

The GDX was initially higher this past week reaching a high of 38.24, but by the end of the week we had closed sharply lower at 35.90.

 

This market has become, in the short-term, very weak as we failed to hold support at the 36.88 level. The bottom line:

 

We need to move higher soon.

 

It looks like wave ^iv^ continues to develop as it has become more complex this week.

 

The good news: Our very bullish alternate count is still valid and suggesting we are still working on wave ^iii^.

 

Within wave ^iii^, wave -iii- ended at 37.49 and we are working on a large bullish wave -iv- triangle that completed continues to work on wave $c$.

 

After wave $c$ ends we expect a wave $d$ rally that will then be followed by another drop in wave $e$ to complete all of wave -iv- of ^iii^.

 

We are getting close to moving this bullish triangle to preferred status.

 

Our first projection for the end of wave ^v^ and 3 is:

 

3 = 1.618 (1) = 47.20

 

We do have higher targets also.

 

Next significant resistance is now 36.88.  

 

Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops!

 

Thanks!

Captain & Crew