We are still working on the final subdivisions of wave .v. and -iii- which have a projected endpoint of:
-iii- = 1.618-i- = 3710.44.
After wave -iii- ends we expect a wave -iv- drop that should retrace between 23.6 to 38.2% of the entire wave -iii- rally, which we will provide once we believe wave -iii- is complete.
We need to be on guard for the completion of wave -iii- at any time now, as we have now reached our projected endpoint for all of wave -iii-.
Longer term we continue to rally in wave (iii), which has an initial projected endpoint of:
(iii) = 1.618(i) = 4001.14.
Trading Recommendation: Flat.
Active Positions: Flat!
We are working on the assumption that all of wave (ii) is complete at the 33.64 low.
If that is the case then we are now starting to rally sharply higher in wave (iii), which the following projected endpoint:
(iii) = 1.618(i) = 93.96.
Our only concern with our current wave (ii) low is that it was very shallow, although the 6.50 or -40 low was a bit of an aberration in trading.
Trading Recommendation: Go Long crude with a put as a stop. Go long oil stocks.
Active Positions: Long crude with put as a stop! Long Suncor stock!
We are currently working on the assumption that wave (i) ended at the 29.91 high, but we continue to work on our wave (ii) drop. That has the following retracement levels:
50% = 20.78;
61.8% = 18.62.
Our count to shows that wave (ii) is still underway and we expect a sharp drop in wave -c- to complete all of wave (ii).
This wave (ii) correction is still above its 50% retracement levels, which supports further downside in this market.
As a minimum, wave -c- should reach the 21.81 low… but we expect it will drop below that level to at least our 50% retracement level shown above.
We will add to our long positions at 19.35.
We will provide our initial projected endpoint for wave (iii), when we are sure that all of wave (ii) is complete.
Trading Recommendation: Go long, using a put as a stop. Add to position at 19.35.
Active Positions: Long, using a put as a stop!
We are working on the assumption that within wave *iii*, all of wave ^i^ ended at the 2077.90 high and that we now falling in wave ^ii^, which has the following retracement levels:
50% = 1764.40;
61.8% = 1690.40.
The failure of gold to hold the 1848.00/1851.00 support line suggests that wave ^ii^ is still underway as shown on our Daily Gold Chart.
Wave ^ii^ is still working on a modified double 3 corrective pattern, with our second wave (b) ending at the 1879.80 high.
We are falling again in our second wave (c), which has a minimum target of 1767.20, although we expect the end of wave ^ii^ to occur somewhere within the above retracement zone.
Our current projected endpoint for all of wave *iii* is:
*iii* = 1.618*i* = 2306.30.
We also have higher projections.
Trading Recommendation: Long gold. Use puts as stops. Add to long position at 1735.
Active Positions: We are long, with puts as stops!
Captain Ewave & Crew
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