NOV 15 WEEKLY CHARTS POST!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

The Captain will be travelling tues-thurs and there may be no posts then, but if there’s any change to the major wave counts, we’ll update you.

 

Gold: 

 

Weekly Gold Chart:

 

https://captainewave.com/wp-content/uploads/2020/11/ewnov1520gold.png

 

Long Term Update:

 

Gold was lower this past week, to 1848.00, but closing well off the low, at 1886.20.

                                                                          

Wave ^iv^ has become more complex, although it could now be complete the 1848.00 low.

 

Wave ^iv^ looks to be 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.           

                              

Active Positions: Long with puts as stops!    

 

Silver:

 

Weekly Silver Chart:

 

https://captainewave.com/wp-content/uploads/2020/11/ewnov1520si.png

 

Long Term Update:

 

Silver was also lower this past week, reaching 23.60, but closed well off that low, at 24.77.

                                                                  ,

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 higher this past week reaching a high of 0.975{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, closing at 0.893{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 we believe will see negative rates for this market.

 

With 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^.  

 

Active Positions: Flat!

 

Crude Oil:

 

Weekly Crude Oil Chart:

 

https://captainewave.com/wp-content/uploads/2020/11/ewnov1520oil.png

 

Long Term Update:                                                                          

             

Crude was sharply higher this past week reaching a high of 43.06, closing at 40.13.                                           

 

Wave (i) is now complete at the 43.78 high and we are now falling in wave (ii), which has the following retracement levels:

 

50{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 25.14;

61.8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} = 20.74.

 

We should expect a least a 3 wave corrective pattern within wave (ii).

 

We probably completed wave $a$ at the 36.13 low and we likely completed wave $b$ at 41.90.

 

We should now be dropping in wave $c$ to complete the 3 wave correction. The other option is that we are still working on our wave $a$ drop.

 

There is an outside chance that all of wave (ii) is complete at the 36.13 low, and if that is the case then crude is now moving sharply higher, although more Covid lockdowns make this option pretty unlikely. 

 

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/ewnov1520su.png

 

Long Term Update:

 

Suncor was sharply higher this past week reaching a high of 15.23, closing at 13.91.

                                                                                                  

It could still be possible that 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 they go.

 

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

 

SP500:

 

Weekly SP500 Chart:

 

https://captainewave.com/wp-content/uploads/2020/11/ewnov1520sp.png

 

Long Term Update:

 

The SP500 was sharply higher this past week reaching a high of 3645.99, an all-time new high. We closed at 3585.15. 

 

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/ewnov1520usd.png

 

Long Term Update:

 

The USDX moved sideways this past week, closing at 92.75.

 

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/ewnov1520cdnx.png

 

Long Term Update:

 

The CDNX was modestly lower this past week reaching a low of 725.39, closing at 736.37.

 

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/ewnov1520gdx.png

 

Long Term Update:

 

The GDX was lower this past week, reaching 36.73, but closed well above there, at 38.01.

 

We also got a bullish island reversal on the daily chart!

 

It looks like wave ^iv^ is complete at the 36.01 low.

 

We should now be rallying in ^v^.

 

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 wave $c$ at the 36.01 low.

 

If that is the case we likely completed wave $d$ at the 41.08 high and perhaps all of wave $e$ at the 36.73 low.

 

 If that is the case we should start to thrust sharply higher in wave -v- 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 up at the 51.67 level.  

 

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

 

Thanks!

Captain & Crew