A Golden (Elliott) Wave: The ‘Super Pop’ Higher In Gold Validates Our Bullish Analysis

The next move higher in gold may have just started. Here are the details and the upside targets…

by Captain Ewave of CaptainEwave

Captain Ewave

Elliott Wave Counts For Gold, Silver, & GDX

Email: [email protected]  

Website: www.captainewave.com  

November 15, 2018

GOLD:

Short Term Update:

 

On the intraday chart the move from the 1239.30 high to the current low of 1196.60 has been corrective looking, so when it ends (which could be at the 1196.60 low), we should start to move higher again, and that move may have just started!

 

Within wave .iii. we are now working on our first impulsive sequence, as shown on our “Daily Gold Chart”. Within that first impulsive sequence we believe that we are working on a subdividing wave $iii$.

 

Based on the fall in gold on Friday, we have now relabeled our internal count for wave $iii$ to suggest that all of wave !i! ended at the 1246.00 high and all or most of wave !ii! ended at the current low of 1196.60.

 

We are now waiting for wave !ii! to officially end, after which we expect a sharp wave !iii! higher, as shown on the chart.

 

We have now extended our 61.8% retracement level and have reached our 78.6% retracement level which is 1197.50.

For our current analysis to remain valid we really did not want to see gold trade below this level, and today’s “super pop” higher from that area likely validates our bullish analysis!

 

Longer term our first projection for the end of wave .iii. is:

 

.iii. = 1.618.i. = 1447.20.

 

We do have higher projections. Of course, wave .iii. will subdivide into a 5 wave impulsive sequence in its journey higher.

 

Trading Recommendation: Long gold. Use puts as stops.

 

Active Positions: We are long, with puts as stops!

 

 

Silver:

Short Term Update:

 

Silver was lower in yesterday’s day session and that trend continued in the overnight session as we have reached a low of 13.86. We are currently trading at the 13.96 level.

 

As we mentioned in yesterday’s Morning Post it looks like wave ii is not complete at the 13.96 low as we have now reached a new low of 13.86.

 

As you can see on the “Daily Silver Chart” we have updated our current count, and adjusted where our wave .b. triangle actually ended.

 

We have now satisfied the minimum requirements for a completed wave .c. and are now waiting for confirmation that all of wave ii is complete at the 13.86 low.   

We will provide our updated projection for the end of wave iii, when we are sure that all of wave ii is complete.

 

Trading Recommendation: Long silver. Use a put as a stop.

 

Active Positions: We are long, with puts as stops!

 

 

 

GDX & Gold Stocks:

 

GDX 60 Min Chart:

GDX Daily Chart:

Short Term Update:

 

The GDX was lower in yesterday’s day session as we reached a low of 18.26.

 

We just adjusted our short term count to show that all or most of wave -ii- should now be complete at the 18.26 low… just in time for today’s surge higher!

 

Once this correction ends we should start to move sharply higher again, in wave -iii-.

 

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

 

3 = 1.618(1) = 48.95.

 

We have the following counts:

Kinross: We have completed the minimum requirements for a completed wave (ii), at the 2.58 low. Wave  (iii) rally is now underway.

 

Barrick:  We have completed the minimum requirements for a completed wave (ii) at the 9.53 low. Wave (iii) rally is now underway.

 

HUI: We have completed the minimum requirements for a completed wave (ii), at the 131.12 low. Wave (iii) rally is now underway.

 

XAU: We have completed the minimum requirements for a completed wave 2 at the 60.59 low. Wave 3 rally is now underway.

 

Trading Recommendation: We continue to suggest buying all of the above gold stocks and indices, for a long term hold.

 

Active Positions: We are long the GDX, ABX, KGC, NEM, SSR, and TSX:XGD with no stops!!

 

Free Offer For Website Readers:  Please send me an Email to [email protected] and I’ll send you our free “Roapmap Of 15% Interest Rates Horror!” report.  We highlight why gold stocks are poised to go ballistic as the Fed is stunned by 2019 inflation reports, and begins to consider 50 basis point hikes!  We include key wave counts and a roadmap of horror for the US 10year bond yield!

Thank-you!

Captain Ewave & Crew

Email: [email protected]

Website: www.captainewave.com

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