Silver:
Update & Tactics:
Silver was higher this past week, reaching 19.87, and closed at 19.76.
We continue to rally in wave (i) of 3, and within wave (i), we are now thrusting higher in wave -v- of (i).
A run to the 21.23 high looks likely now before all of wave (i) ends.
After wave (i) ends we expect a wave (ii) correction that retraces between 50 to 61.8% of the entire wave (i) rally.
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 put as a stop!
Gold:
Update & Tactics:
Gold was mostly sideways this past week, and closed at 1810.00.
We continued to rally higher in wave $iii$ of ^iii^. We are likely getting close to completing all of wave (i) of $iii$, so we need to be on guard for its completion, while hoping it extends higher!
After we complete wave (i) we expect a wave (ii) correction that retraces between 50 to 61.8% of the entire wave (i) rally.
A break and close above the downtrend line connecting 1829.70, 1818.60 and Friday’s high of 1813.70 should see gold head back to the 1830.00 high at least one more time.
Our initial projection for the end of all of wave $iii$ is:
$iii$ = 1.618$i$ = 1941.30.
Wave ^iii^ that has the following initial projection for its completion:
^iii^ = 1.618^i^ = 1967.10.
Our current projection for the end of wave .iii. is:
.iii. = 1.618.i. = 2306.30.
Active Positions: Long with puts as stops!
S&P500:
Update & Tactics:
The SP500 was higher this past week, reaching a high of 3238.28 and closing at 3224.73.
We are working on the assumption that wave -ii- is still underway.
Our current count suggests that all of wave .a. of -ii- ended at the 2965.55 low and we are now rallying in wave .b..
Wave .b. should reach the wave -i- high, before it ends.
After wave .b. ends we expect another drop in wave .c. to complete all of wave -ii-.
The minimum target for wave .c. is the wave .a. low of 2965.55.
In the longer term our initial projected end point for all of wave (iii) is:
(iii) = 1.618(i) = 4001.14…. and from there a top and epic meltdown!
Active Positions: Flat!
GDX:
Update & Tactics:
The GDX moved mostly sideways this past week, although we closed higher at 39.31.
Our initial target for our ongoing wave 3 rally is:
3 = 1.618 (1) = 47.20
Wave 3 is subdividing and we are still rallying in wave ^iii^ of 3.
Within wave ^iii^, we are now rallying in wave $iii$ of -v-.
We are getting close to our projected endpoint for all of wave $iii$ at the 40.98 level., but the internal wave structure of wave $iii$ is suggesting that wave $iii$ may extend.
Next significant resistance at the 51.67 level.
Our next projection for the end of wave ^iii^ is:
^iii^ = 2.618^i^ = 43.32.
Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops!
Thank-you!
Captain Ewave & Crew
Email: admin@captainewave.com
Website: www.captainewave.com
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