Daily USDX Chart:
Short Term Update:
All of wave ^c^ is complete at the 114.75 high and we are now falling in wave ^d^. Within wave ^d^, wave a ended at 99.42 and we are now working on a developing bearish wave b triangle as shown on our Daily USDX Chart.
Within our bearish wave b triangle, we completed wave -a- at 107.05, wave -b- at 100.31 and wave -c- at the 106.38 high.
We should now be falling in wave -d-, which cannot trade below the wave -b- low 100.31, for our current bearish triangle analysis to remain valid. After wave -d- ends we expect a wave -e- rally to complete our wave b bearish triangle formation.
After our wave b triangle ends we expect a sharp thrust lower in wave c.
We will provide our updated projections for the end of wave c after wave b ends.
Trading Recommendation: Short risking to 107.10.
Active Positions: Short risking to 107.10!
CDNX:
Analysis:
Our long wave -ii- correction is a triple three wave pattern, is complete at the 506.65 low. We are now rallying in wave -iii-, which has an initial projected endpoint of:
-iii- = 1.618-i- = 1773.38!
Within wave -iii-, we are rallying in wave (i) and within wave (i), wave $i$ ended at 548.33 and wave $ii$ at 517.17. We are now rallying in wave $iii$ which we think is now heading to our second projected endpoint of:
$iii$ = 4.236$i$ = 693.73.
Wave $iii$ appears to be subdividing with wave !i! ending at 564.03 and wave !ii! at 536.31. We are now rallying in wave !iii! which we think is now heading to our second projected endpoint of:
!iii! = 2.618!i! = 658.99.
We still expect higher prices in the days/weeks ahead as we continue to work on our extending wave !iii! rally, with next major resistance being in the 630.00/645.00 area.
Trading Recommendation: Go Long the GDXJ as a long-term hold.
Active Positions: Heavily long the GDXJ and key juniors on the CDNX, as a long-term hold!
Gold:
Analysis:
We continue to rally in wave .v.. Within wave .v., we completed wave ^i^ of *i* at the 1997.20 high and all of wave ^ii^ at the 1931.80. If that is the case then we are now starting to rally in wave ^iii^, which has a new updated projected endpoint of:
^iii^ = 4.236^i^ = 2724.40!
Wave ^iii^ is subdividing with wave $i$ ending at 2151.20 and wave $ii$ at the 1973.10 low. We are now rallying in a subdividing wave $iii$ with wave !i! ending at 2088.50, wave !ii! at 1984.30, wave !iii! at the 2431.50 high, and now all of wave !iv! at the 2277.60 low.
Our current projected target for the end of wave !v! and -iii- is:
-iii- = 4.236-i- = 2531.10!
We do have one higher projection also.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: Long gold, with puts as stops!
Silver:
Analysis:
We have updated our count for silver to suggest that wave ii did indeed end at 18.01, and that we are working on a powerful wave iii rally that is full of nested bullish waves, as shown on our Daily Silver Chart
Within wave iii, we completed24.39 and wave (ii) at 19.94 and are moving higher in wave (iii), which has a current projected endpoint of:
(iii) = 2.618(i) = 36.64.
Within wave (iii), we completed wave -i- at 26.23 and wave -ii- at 20.85 and are now rallying in wave -iii-, which has a current projected endpoint of:
-iii- = 2.618-i- = 37.32.
Within wave -iii-, we completed wave *i* at 23.88 and wave *ii* at 21.98 and we are now rallying in wave *iii* which has an updated projected endpoint of:
*iii * = 6.250*i* = 40.92.
Finally, within wave *iii *, we completed wave $i$ at 29.91 and wave $ii$ at 26.25 and we are now rallying in wave $iii$, which has a current projected endpoint of:
$iii$ = 1.618$i$ = 39.08.
If this nested analysis is correct, then silver is going to explode to upside in the weeks ahead!
Trading Recommendation: Long with puts as stops.
Active Positions: Long with puts as stops!
Thank-you!
Captain Ewave & Crew
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