Captain Ewave says, however, that the next wave will be a very sharp wave rally higher, and the target is north of $1500. Here’s the details…
March 20, 2018
Elliott Wave Counts For Gold, SP500, & GDX
Short Term Update:
We are now trading at the 1310.00 level ahead of tomorrow’s Fed meet, and we are concerned about our current short term count as the drop from the 1342.00 level is very deep.
This is suggesting that a drop back to the 1303.00 level is now likely, in which case wave ^ii^ may not be complete at the 1303.60 low. Our 50% retracement level for all of wave ^ii^ is: 1301.90.
The other option is that wave $i$ is subdividing as shown on the Daily Gold Chart. We also a have a possible head and shoulder bottom on the Daily Gold Chart also.
If all of wave ^ii^ is complete at the 1303.60 low and we have started a very sharp wave ^iii^ rally higher. Our first projection for the end completion of wave ^iii^ is:
^iii^ = 1.618^i^ = 1509.30.
We expect that wave ^iii^ will subdivide into a clear 5 wave impulsive sequence of which are now working on wave $i$ of ^iii^. Wave $i$ should end around the 1363.00 level, so we still expect further gains in the days ahead, before we should see a larger correction.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops.
Short Term Update:
Short Term Update:
S&P was sharply lower in yesterday’s’ day session with not much action since then.
We believe that all of wave .ii. is complete at the 2801.90 high. We expect that a sharp drop in wave .iii. is now underway, and that it should subdivide into a 5 wave impulsive sequence.
We are now working on wave *i* of .iii.. Our first projection for the end of wave .iii. is:
.iii. = 1.618.i.= 2251.49
IMPORTANT: We plan to be lowering our stop to 2802.00 in the next day or so.
Trading Recommendation: Short with a stop at the 2873.00 level.
Active Positions: Very Short, with stop at 2873.00.
Short Term Update:
The GDX was higher in yesterday’s day session. We continue to be concerned with our current short term count in this market, as with gold.
Wave ii should be complete at the 20.84 low, and our sharp wave iii rally is now underway. Our first projection for the end of wave iii is :iii = 1.618i = 32.38.
We also expect that wave iii will turn into a 5 wave impulsive sequence, of which wave -i- of (i) of iii ended at 23.15 and we are now falling in wave -ii-, which could be complete at the 21.67 low, as we have reached our 61.8% retracement level for all of wave -ii-. Our retracement levels for wave -ii- are:
50% = 22.00;
61.8% = 21.72.
Upon completion of wave -ii- we expect a very sharp rally in wave -iii-, to be the next big event in this market.
Barrick: Wave (ii) ended at the 11.07 low, as shown on the Monthly Barrick Chart. We should start to rally in an explosive wave (iii) very soon, which has a projection of 41.68.
HUI: Wave ii likely ended at the 170.81 low, as shown on the Long Term HUI Chart. Wave iii higher should now be underway.
Trading Recommendation: Buy Barrick Stock, for a long term hold.
Active Positions: We are long the GDX, ABX, KGC, NEM, SSR, and TSX:XGD with no stops!
Captain Ewave & Crew!
Email: [email protected]
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