NOV 27 WEEKLY CHARTS POST!

Gold:

 

Weekly Gold Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721gold.png

 

Long Term Update:

 

Gold was sharply lower this past week reaching a low of 1777.40, closing at 1785.50.

                                                                          

All of wave -iii- ended at the 2089.20 high and our current preferred count is still suggesting that our lengthy wave -iv- bullish triangle is still underway.

 

Within our wave -iv- triangle it now looks like all of wave .d. ended at the 1879.50 high and if that is the case then we should now be falling in wave .e.

 

We have now satisfied all of the minimum requirements for wave .e., so we need to be guard for the completion of all of our length wave -v- bullish triangle.

 

Wave .e. cannot drop below the wave .c. low of 1721.10 for this current triangle formation to remain valid.

 

Our retracement levels for all of wave -iv- are:

 

23.6% = 1871.60;

38.2% = 1737.00.

 

We are within our retracement zone for wave -iv- also.

 

After wave -iv- ends we expect a very sharp thrust higher wave -v-, which should take gold to all time new highs.

 

Our alternate counts still remain in play as follows:

 

Alternate Count 1, in red on our Weekly Gold Chart, is that all of wave -iv- ended at the 1675.90 low, and in this case we are now rallying in wave *i* of -v-.  

Alternate Count 2, in purple on our Weekly Gold Chart, would be that all of our wave -iv- bullish triangle has ended at the 1721.10 low.                       

 

Active Positions: Long with puts as stops!               

 

Silver:

 

Weekly Silver Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721si.png

 

Long Term Update:

 

Silver was also lower this week reaching a low of 22.92, closing at 23.11.

                                                                  

All of wave ii of 3 ended at 21.41. We are now rallying in the initial stages of wave iii, which has the following initial projected endpoint:

 

iii = 1.618i = 50.97.

 

It looks like wave -ii- has become more complex and has turned into an irregular type correction. Our retracement level for all of wave -ii- are:

 

50% = 23.17;

61.8% = 22.75.

 

We are now within our retracement zone and we have also satisfied the minimum requirements for a completed wave -ii- with our drip below the 23.05 low on Friday.

 

We need to be on guard for the completion of wave -ii- and the start of a sharp rally higher in wave -iii-. We will provide an updated initial projection for the end of wave -iii- when we believe all of wave -ii- is complete.                                  

 

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 initially higher this past week reaching a high of 1.693% but after that high was made we moved sharply lower reaching a low of 1.473, closing at 1.482%!

 

The multi-decade bear market in US interest is now over as 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.

 

It appears that wave (iii) is subdividing and within wave (iii), we completed wave -i- at 1.765%. We are currently now falling in wave -ii-, which has the following retracement levels:

 

50% = 1.130%

61.8% = 0.99%

 

We continue to believe that wave -ii- is still underway and subdividing with wave *a* ending at 1.128% and all of wave *b* at the 1.693% high. We have now labeled our internal wave cunt for all of wave *b* to suggest that it has become a double 3 wave correction pattern, which now appears to be complete the to 1.693% high.

 

If that is the case then we should now be falling in wave *c*, which has a minimum target of the wave *a* low of 1.218%.

 

Another very bearish option is that the rally from 0.398% low to the 1.765% level is a 3 wave corrective rally, which would suggest that rates will be heading back to the 0.398% low. We currently do not see this as a plausible option, but from an Ewaves point of view it is.

 

Active Positions: Short risking to 1.770%!

 

Crude Oil:                                                                                     

 

Weekly Crude Oil Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721oil.png

 

Long Term Update:                                                                          

             

Crude collapsed this past week reaching a low of 67.40, closing at 68.15!

 

It looks like all of wave i is complete at the 85.41 high and we are now falling in wave ii which has the following retracement levels:

 

50% = 45.96;

61.8% = 36.64.

 

Wave ii will likely take many months to develop, and we will see much lower prices ahead until this corrective wave ends.

 

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/2021/11/ewnov2721su.png

 

Long Term Update:

 

Suncor was lower this past week reaching a low of 24.20, closing at 24.77.

 

We are still working on wave iii that is subdividing and within that wave we completed all of wave (i) at the 25.73 high, and all of wave (ii) at the 16.91 low.

 

We are now rallying in wave (iii), which has an initial projection for its completion of:

 

(iii) = 1.618(i) = 42.28.

 

It looks like our major breakout is going to be delayed as wave (iii) appears to be subdividing with wave -i- of (iii) ended at the 26.97 high. We are now falling in wave -ii- which has the following retracement levels:

 

50% = 21.94;

61.8% = 20.75.

 

We now expect lower prices as wave -ii- develops.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2021/09/ewsep2621spw.png

 

Long Term Update:

 

The SP500 initially made a new all-time high this past week at 4743.83, but by the end of the week we had closed lower at 4592.62!

 

We did have a key weekly reversal lower last week, which is likely indicating some sort of topping action.

 

We are still not sure whether all of wave (iv) ended at the 4278.97 low, as that corrective retracement was a bit shallow, but if it did then we have now satisfied all of the minimum requirements for a completed wave v of V. If this is the case then the SP500 multiple decade bull market has ended.

 

We will see how the markets react next week.

 

Active Positions: Flat.

 

USDX:

 

Weekly USDX Chart: https://captainewave.com/wp-content/uploads/2021/11/renov2721usd.png

Long Term Update:

 

The USDX was higher this past week reaching a high of 96.94, closing at 96.10!

 

We have updated our count to suggest that within wave iii, all of wave (i) ended at 89.17. We are now rallying in wave (ii) which has the following retracement levels:

 

50% = 96.57;

61.8% = 98.31.

 

We are working on the assumption that all of wave (ii) ended at the 96.94 high and that we have started to move sharply lower in wave (iii).

 

We will provide our first projections for the end of wave (ii) this week in our Morning Posts.

 

We shorted this market early on Friday morning and sent alert to subs on it as we shorted!

 

Active Positions: Short risking to 97.00!

 

CDNX: 

 

Weekly CDNX Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721cdnx.png

 

Long Term Update:

 

The CDNX was sharply lower this past week reaching a low of 937.86, closing at 944.05.

 

Our wave -ii- of .iii. correction is now complete at the 847.92 low and we are now rallying higher in wave -iii- which has the following initial projected endpoint:

 

-iii- = 1.618-i- = 1573.16

 

It looks like all of wave $i$ of -iii- ended at the 1025.77 high and we are now falling in wave $ii$. We have reached our 50% retracement level for all of wave $ii$ so we need to be guard for its completion and the start of another sharp rally in wave $iii$.

 

Our minimum multi-year 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/2021/11/ewnov2721gdx.png

 

Long Term Update:

 

The GDX was sharply lower this past week reaching a low of 31.64, closing at 32.12.

 

All of wave *ii* is finally complete at the 28.83 low and we are now rallying in wave *iii*, which has the following initial endpoint:

 

*iii* = 1.618*i* = 76.72.

 

Within wave *iii*, all of wave -i- of ^i^ of iii ended at 33.95  and all of wave -ii- at the 30.96 low. We are now rallying in wave -iii- which has and initial projected endpoint of:

 

-iii- = 1.618-i- = 39.24.

 

It looks like within wave -iii-, all of wave ^i^ ended at the 35.08 high and we are now falling in wave ^ii^ which should be complete at the 31.64 low. After wave ^ii^ ends we expect another sharp rally higher in wave ^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!

 

Bitcoin: 

  

Weekly Bitcoin Chart: https://captainewave.com/wp-content/uploads/2021/11/ewnov2721bit.png

Long Term Update:

 

Bitcoin was sharply lower this past week reaching a low of 53576, closing at 54451!

 

All of wave 1 or A is now complete at the 64860 high. We are now falling in wave 2 or 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, but we continue to doubt that it is complete so quickly. Within wave B or 2 we think all of wave (a) ended at the 28908 low.

 

Wave (b) is complete at the  68979 high. We are now falling in wave (c), back to at least the wave (a) low to complete all of wave 2 or B.

 

Wave 2 or B has become a flat correction.

 

Thanks!

Captain & Crew