Elliott Wave Technician: Gold’s C-Wave Gets Some Mojo

Should gold break through the 1350 level, then price likely extend to reach the 1365.00/1370 level, before…

by Captain Ewave of CaptainEwave

Captain Ewave

Gold’s C Wave Gets Some Mojo 

Email: [email protected]  

Website: www.captainewave.com  

 

S&P500:

 

Short Term Update

The SP500 was sharply higher in yesterday’s trading session as the Fed jawboned the market higher, and we reached a high of 2804.49.   

 

There isn’t much follow-through action today, which adds weight to our thesis that this is a market in serious trouble.

 

We are falling in wave -iii- as shown on this 120minute SP500 chart.

We in the initial stages of a multi-year wave A move that could take the stock market much lower.

 

In spite of yesterday’s rally, we still think we are heading lower in an incomplete wave  -iii- drop, so we expect another move lower again… perhaps starting today!

 

Our first projection for the end of wave -iii- is:

 

-iii- = 1.618-i-=2645.10.

 

WE still expect lower prices ahead!!

 

Trading Recommendation: Go short with a call option as a stop.

 

Active Positions: Very short, with an updated call as a stop! 

 

GOLD:

 

Short Term Update

Gold moved sideways in yesterday’s day session and in the overnight session we have ripped higher again, reaching 1348.80!  This is incredible action!                                 

 

Wave *ii* is now complete at the 1269.00 low and we are now moving higher in wave *iii*. Within wave *iii*, we should expect to see a five-wave impulsive sequence which we have shown graphically on our daily gold chart.

 

We should be getting close to finishing wave $i$ already!  That has a likely target of the 1350.00 level.

 

Upon completion of wave $i$ we expect a wave $ii$ correction that should retrace between 50 to 61.8% of the entire wave $i$ rally.

 

Should gold break through the 1350 level, then wave $i$ would likely extend to reach the 1365.00/1370 level, before it ends.

 

Our first projection for the end of all wave *iii* is:

 

*iii* = 1.618*i* = 1564.60!

 

Gold should continue to move higher, until wave $i$ ends.

 

Our first projection for the end of wave .iii. is:

 

.iii. = 1.618.i. = 1447.20.

 

We do have higher projections too! Of course, wave .iii. should subdivide into a five-wave impulsive sequence on its journey higher.

 

Trading Recommendation: Go long gold. Use puts as stops.

 

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

 

GDX and Gold Stocks:

 

Short Term Update

The GDX was higher in yesterday’s trading session and we reached a high of 22.62.  In pre-mkt action today, it’s blasting higher again!

 

We are now working on the assumption that all of wave (ii) is complete at the failure low of 20.28 and that a sharp wave (iii) rally is now underway.

Wave (iii) is expected the subdivide into a five-wave impulsive sequence, and we will show those subdivisions on our daily and 60minute GDX Charts as they develop.

 

We expect run to at least the 22.93 and likely the 23.38/23.70 levels before we see a bigger corrective setback.

 

Our initial projection for the end of wave (iii) is:

 

(iii) = 1.618(i) = 30.67.

 

We expect higher prices this week.

 

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

 

3 = 1.618(1) = 48.95.

 

We have the following counts:

 

Kinross: Has now completed its minimum requirements for a completed wave (ii), at the 2.38 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 latest Wave Counts Tactics report!  We cover oil, new counts for silver, and include the important GDX daily chart!

Thank-you!

Captain Ewave & Crew

Email: [email protected]

Website: www.captainewave.com

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