Captain Ewave says it’s time to adopt the alternative count which shows gold barely hanging on to $1300. Here’s the details…
Feb 27, 2018
Elliott Wave Counts For Gold, SP500, & GDX
Short Term Update:
We are waiting for confirmation that all of wave $ii$ complete at the 1320.90 low, versus whether this market going to follow our alternate count.
We completed wave $i$ at 1364.40 and are now falling in wave $ii$, although we are now getting close to our 78.6% retracement level of 1320.90.
If we drop much below that level we will need to adopt our alternate count where wave ^ii^ has become a flat correction.
In this case we should drop to at least the wave $a$ low of 1309.00, but more likely to our 50% retracement level for wave ^ii^ which is 1301.90.
If wave ^ii^ is complete at the 1309.00 low then we should now expect to rally sharply in wave ^iii^. Our first projection for the end of wave ^iii^ is: ^iii^ = 1.618^i^=1514.65.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops.
Short Term Update:
S&P was higher in yesterday’s trading session reaching a high of 2780.64. In the overnight session the S&P Futures are down about 5 points. We should be on guard for a sharp drop off… 50 point plus drop…., as the first sign that wave .ii. is complete and that wave .iii. lower is underway.
Wave .i. is complete at the 2532.69 low and we are now rallying in wave .ii., which should be ending very soon. If that is the case then we should be on guard for a very steep drop in wave .iii., as being the next big event in this market. This drop will be much larger that wave .i., and it will send this market below the red up trend line, as shown on the Daily S&P Chart.
Trading Recommendation: Short with a stop at the 2873.00 level. Aggressive traders may want to add to their short positions here.
Active Positions: Very Short with calls at various levels as stops!
Short Term Update:
We wait confirmation that all of wave -ii- is complete at the 21.67 low.
Wave ii is 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 12.11 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!!
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Captain Ewave & Crew!
Email: [email protected]
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