The charts have been updated! Here are the latest projections…
Precious Metals: Key Weekly Charts
Jan 6, 2020
Long Term Update:
Gold was sharply higher again this week.
We reached 1556.10, closed the week at 1555.20!
Our first target for the end of wave $iii$ of *v* is 1590.10 (We hit $1587 overnight).
We also modified the internal wave structure of wave *iv*, which ended at the 1446.00 low.
On our daily chart we have added our current internal count for wave *v* and believe that we are now rallying in wave !iii! of $iii$ of *v*.
We have an initial target for the end of wave !iii! at: 1570.50.
Our first projection for the end of wave *v* and .iii. is:
.iii. = 1.618.i. = 1704.40.
Active Positions: We are long (with almost no interruption since $1080!), with puts as stops!
Long Term Update:
Silver was also decently higher this past week, reaching 18.32 and closing at 18.10!
Within wave .iii. we are now rallying in wave ^iii^, which has an initial target of:
^iii^ = 1.618^i^ = 25.44
We expect that wave ^iii^ will consist of a five wave impulsive sequence of which we are now working on wave $i$. This week we reached our first target of 18.35, with our 18.32 high, so we should be getting close to the end of wave $i$.
It may be possible that wave $i$ will extend and in that case we should challenge the 18.80/18.85 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.
Longer term our first projection for the end of wave iii is:
iii = 1.618i = 26.09.
Active Positions: Long with puts as stops!
GDX & Gold Stocks:
Long Term Update:
The GDX was higher this past week reaching a high of 29.87, closing at 29.17.
It looks like all of wave (iv) is now complete at the 25.98 low, and we have started to rally in wave (v).
We have updated our 60 minute and daily GDX charts (reserved for subscribers) to show the incredible internal wave structure for wave -v-.
We will note that the wave (v) rally that has a huge target of 48.95, which also is the wave 3 projected target.
Our alternate bullish count is suggesting that only wave -iv- of (iii) likely ended at the 25.98 low and that we are starting to rally in wave -v of (iii) which has a target of 36.42.
Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops!
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Captain Ewave & Crew
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