nov 8 weekly charts post!

CAPTAIN EWAVE LONG TERM CHARTS UPDATE!

 

Gold: 

 

Weekly Gold Chart:

 

https://captainewave.com/wp-content/uploads/2020/11/ewnov820gold.png

 

Long Term Update:

 

Gold was sharply higher this past week! We reached a high of 1961.80, and closed at 1951.70.

 

Editor note:  Great action!!!   …and…

The Captain called it!!!!!

                                                                          

We continue to work on the assumption that all of wave ^iv^ is complete at the 1851.00 low, although our alternate count that is suggesting that we are still working on an extending wave ^iii^.

 

In this alternate we believe that wave $iii$ of ^iii^ ended at 2077.90 and the current drop is a bullish wave $iv$ triangle that could now be complete at the 1859.20 low.

 

If this alternate is in play then we are now thrusting sharply higher in wave $v$ of ^iii^. 

 

Note: We have discarded our second alternate count.

 

Although we still have some doubts about our current preferred count if it is correct then then we should be rallying 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/ewnov820si.png  

 

Long Term Update:

 

Silver was sharply higher this past week reaching a high of 25.98, closing at 25.66… that’s up over 8{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} on the week!

                                                                  

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 resistance will be the 26.00/26.25 area, which we should break above next week.

 

Longer term our initial projection for the end of wave 3 is:

 

3 = 1.618(1) = 86.50   

 

Editor comment:  Are YOU listening to the captain?  86.50 is a number he projects… and one that you deserve!

 

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 0.896{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, although by the end of the week we had given up those gains to close lower at 0.820{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.

 

With our wave *iii* drop it looks like wave ^i^ ended at 0.568{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}. We now think that wave ^ii^ is becoming more complex and believe that a rally back to the 0.957{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} high should be expected before all of wave ^ii^ ends.

 

Within wave ^ii^, wave -b- ended at the 0.504{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1} low and we are now rallying in wave -c-, which has a minimum target of 0.957{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}, before it ends.  

 

Active Positions: Flat.

 

Crude Oil:

 

Weekly Crude Oil Chart:

 

https://captainewave.com/wp-content/uploads/2020/11/ewnov820oil.png

 

Long Term Update:                                                                          

             

Crude was lower this past week reaching a low of 33.64, but closing higher at 37.14.                                                

 

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.  

 

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/ewnov820su.png

 

 

Long Term Update:

 

Suncor moved sideways this past week, closing at 11.71.

 

It appears Suncor is now heading at least back to the 9.61 low to complete its multi-decade wave B low. We will be undulating our long term count slightly next week to show this.

 

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

 

SP500:

 

Weekly SP500 Chart: https://captainewave.com/wp-content/uploads/2020/11/ewnov820usd.png

 

Long Term Update:

 

The SP500 was sharply higher this past week reaching a high of 3529.05, closing at 3509.24, rising by over 7{6662cb326f536db879050e93fbe8de36d93608a2a48b01f600643f4328fc39a1}.  

 

We still believe we are rallying in an incomplete wave -iii- of (iii) that has the following projected endpoint:

 

-iii- = 1.618-i- = 3710.44.

 

Within wave -iii-, we completed wave .iii. at the 3588.11 high, although we now getting very close to the 3209.45 low, which is our current wave .iv. low. It could be that wave iv. is still underway, and looks to have become a bullish triangle, which we have shown on our 120 Min SP500 Chart. We need more drop for it to be 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/ewnov820usd.png

 

Long Term Update:

 

The USDX was initially higher this past week reaching a high of 94.33, but by the end of the week we had moved lower closing at 92.22.

 

We also had a key weekly reversal lower which is bearish.

 

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. The triangle option for wave *iv* looks to have been eliminated, but we will wait to see if it is expanding and extending. 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/ewnov8cdnx.png  

Long Term Update:

 

The CDNX was higher this past week reaching a high of 742.32, closing at 742.29.

 

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/ewnov8gdx.png

 

Long Term Update:

 

The GDX was sharply higher this past week reaching a high of 41.81, closing at 41.42.

 

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 should be moving higher now in wave $d$, which will then be followed by a wave $e$ drop to complete all of wave ^iv^.

 

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 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