“We have now started a very sharp wave rally higher. This wave is going to subdivide into a…”
Short Term Update:
Gold continued to move sideways in Friday’s day session and again in the overnight session, as we are currently trading at the 1301.00 level.
A break higher appears imminent, however, as the USDX continues to slip.
As you can see on the daily gold chart we continue to challenge the purple down trendline that connects the highs associated with wave $c$. A break and close above that line should see gold accelerate higher in its continuing wave $i$ of ^iii^ rally. We also have a major red uptrend line that we are defending.
We suspect that gold will move above our purple trendline soon, and the Fed meet on Wednesday could be the catalyst!
We have now started a very sharp wave ^iii^ rally higher now. Wave ^iii^ is going to subdivide into a five wave impulsive sequence of which we have now working on wave $i$ of ^iii^.
If wave -iv- in the USDX is now complete at the 94.98 high, then we should expect gold to start to accelerate higher.
Our first projection for the end of wave ^iii^ is :
^iii^ = 1.618^i^ = 1486.80.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops!
Short Term Update:
Crude was marginally lower in Friday’s day session. In the overnight we have moved lower to reach a low of 64.86.
On the intraday chart the rally from 64.22 to the current high of 66.19 looks like a 3 wave pattern, which is suggesting that we will be moving lower again, when this pattern ends, if it has not already done so at the 66.19 high.
We are now falling in wave *c*. It looks like all of wave !i! of $i$ of *c*, is complete at the 65.80 low and also our wave !ii! corrective rally, at the 68.67 high, as shown on the daily crude oil chart. In this case we appear to have failed to reach our 50 to 61.8% retracement levels, before all of wave !ii! ended. If we are now falling in wave !iii!, then our first projection for its completion is:
!iii! = 1.618!i! = 57.18.
We have also broken below our lower red trendline, as shown on the Daily Crude Chart, which is a very bearish sign.
Trading Recommendation: Short crude.
Active Positions: We are now short, with a call option as a stop. We are short Suncor, risking to 43.00!
Short Term Update:
The GDX continues to really go nowhere. If gold has now completed wave ^ii^, then it is unlikely that the GDX will be heading back to the 20.84 level again. We did our drop back to the 22.00 level, which completes a 3 wave drop from the 23.30 high.
Our current counts for some long term charts as follows, although we could see some updates based on where the GDX is heading:
Kinross: We completed wave -ii- at 2.88 and we are now rallying in a subdividing wave -iii-. Within wave -iii-, we should move higher in wave ^iii^. The alternate is that wave -ii- is not complete at the 2.88 low and that Kinross will move back to that level before are of wave -ii- is complete.
Barrick: Wave (ii) ended at the 11.07 low, as shown on the Monthly Barrick Chart. We have now started to rally in what should be an explosive wave (iii) higher. It has a projection of 39.47.
HUI: Wave ii ended at the 170.81 low, as shown on the Long Term HUI Chart. A subdividing wave iii higher is now underway with wave ii ending at the 168.45 low.
XAU: We completed wave -ii- of (iii) at the 75.65 low and we are now rallying in a subdividing wave (iii).
Trading Recommendation: Buy 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 Web Readers: Send me an email to [email protected] and I’ll send you a free sample of all my daily wave counts work!
Captain Ewave & Crew!
Email: [email protected]
Risk: CAPTAINEWAVE.COM IS AN IMPERSONAL ADVISORY SERVICE. AND THEREFORE, NO CONSIDERATION CAN OR IS MADE TOWARD YOUR FINANCIAL CIRCUMSTANCES. ALL MATERIAL PRESENTED WITHIN CAPTAINEWAVE.COM IS NOT TO BE REGARDED AS INVESTMENT ADVICE, BUT FOR GENERAL INFORMATIONAL PURPOSES ONLY. TRADING STOCKS DOES INVOLVE RISK, SO CAUTION MUST ALWAYS BE UTILIZED. WE CANNOT GUARANTEE PROFITS OR FREEDOM FROM LOSS. YOU ASSUME THE ENTIRE COST AND RISK OF ANY TRADING YOU CHOOSE TO UNDERTAKE. YOU ALSO AGREE TO BEAR COMPLETE RESPONSIBILITY FOR YOUR INVESTMENT RESEARCH AND DECISIONS AND ACKNOWLEDGE THAT CAPTAINEWAVE.COM HAS NOT AND WILL NOT MAKE ANY SPECIFIC RECOMMENDATIONS OR GIVE ADVICE TO YOU OR ANY OF ITS CLIENTS UPON WHICH THEY SHOULD RELY. CAPTAINEWAVE.COM SUGGESTS THAT THE CLIENT/MEMBER TEST ALL INFORMATION AND TRADING METHODOLOGIES PROVIDED AT OUR SITE THROUGH PAPER TRADING OR SOME OTHER FORM OF TESTING. CAPTAINEWAVE.COM, ITS OWNERS, OR ITS REPRESENTATIVES ARE NOT REGISTERED AS SECURITIES BROKER-DEALERS OR INVESTMENT ADVISORS EITHER WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION OR WITH ANY STATE SECURITIES REGULATORY AUTHORITY. WE RECOMMEND CONSULTING WITH A REGISTERED INVESTMENT ADVISOR, BROKER-DEALER, AND/OR FINANCIAL ADVISOR. IF YOU CHOOSE TO INVEST WITH OR WITHOUT SEEKING ADVICE FROM SUCH AN ADVISOR OR ENTITY, THEN ANY CONSEQUENCES RESULTING FROM YOUR INVESTMENTS ARE YOUR SOLE RESPONSIBILITY.
ALL INFORMATION POSTED IS BELIEVED TO COME FROM RELIABLE SOURCES. CAPTAINEWAVE.COM DOES NOT WARRANT THE ACCURACY, CORRECTNESS, OR COMPLETENESS OF INFORMATION AVAILABLE FROM ITS SERVICE AND THEREFORE WILL NOT BE LIABLE FOR ANY LOSS INCURRED. DUE TO THE ELECTRONIC NATURE OF THE INTERNET, THE CAPTAINEWAVE.COM WEBSITE, ITS E-MAIL & DISTRIBUTION SERVICES AND ANY OTHER SUCH “ALERTS” COULD FAIL AT ANY GIVEN TIME. CAPTAINEWAVE.COM WILL NOT BE RESPONSIBLE FOR UNAVAILABILITY OF USE OF ITS WEBSITE, NOR UNDELIVERED E-MAILS, OR “ALERTS” DUE TO INTERNET BANDWIDTH PROBLEMS, EQUIPMENT FAILURE, OR ACTS OF GOD. CAPTAINEWAVE.COM DOES NOT WARRANT THAT THE TRANSMISSION OF E-MAILS, OR ANY “ALERT” WILL BE UNINTERRUPTED OR ERROR-FREE. CAPTAINEWAVE.COM WILL NOT BE LIABLE FOR THE ACTS OR OMISSIONS OF ANY THIRD PARTY WITH REGARDS TO CAPTAINEWAVE.COM DELAY OR NON-DELIVERY OF THE CAPTAINEWAVE.COM NIGHTLY EMAILS OR “ALERTS”. FURTHER, WE DO NOT RECEIVE ANY FORM OF PAYMENT OR OTHER COMPENSATION FOR PUBLISHING INFORMATION, NEWS, RESEARCH OR ANY OTHER MATERIAL CONCERNING ANY SECURITIES ON OUR SITE OR PUBLISH ANY INFORMATION ON OUR SITE THAT IS INTENDED TO AFFECT OR INFLUENCE THE VALUE OF SECURITIES.
THERE IS NO GUARANTEE PAST PERFORMANCE WILL BE INDICATIVE OF FUTURE RESULTS. NO ASSURANCE CAN BE GIVEN THAT THE RECOMMENDATIONS OF CAPTAINEWAVE.COM WILL BE PROFITABLE OR WILL NOT BE SUBJECT TO LOSSES. ALL CLIENTS SHOULD UNDERSTAND THAT THE RESULTS OF A PARTICULAR PERIOD WILL NOT NECESSARILY BE INDICATIVE OF RESULTS IN FUTURE PERIODS. THE RESULTS LISTED AT THIS WEBSITE ARE BASED ON HYPOTHETICAL TRADES. PLAINLY SPEAKING, THESE TRADES WERE NOT ACTUALLY EXECUTED. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED TRADES DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE OVER OR UNDER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS SUCH AS LACK OF LIQUIDITY. YOU MAY HAVE DONE BETTER OR WORSE THAN THE RESULTS PORTRAYED. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. NO INDEPENDENT PARTY HAS AUDITED THE HYPOTHETICAL PERFORMANCE CONTAINED AT THIS WEBSITE, NOR HAS ANY INDEPENDENT PARTY UNDERTAKEN TO CONFIRM THAT THEY REFLECT THE TRADING METHOD UNDER THE ASSUMPTIONS OR CONDITIONS SPECIFIED HEREAFTER. WHILE THE RESULTS PRESENTED AT THIS WEBSITE ARE BASED UPON CERTAIN ASSUMPTIONS BELIEVED TO REFLECT ACTUAL TRADING CONDITIONS, THESE ASSUMPTIONS MAY NOT INCLUDE ALL VARIABLES THAT WILL AFFECT, OR HAVE IN THE PAST AFFECTED, THE EXECUTION OF TRADES INDICATED BY CAPTAINEWAVE.COM. THE HYPOTHETICAL RESULTS ON THIS WEBSITE ARE BASED ON THE ASSUMPTION THAT THE CLIENT BUY AND SELLS THE POSITIONS AT THE OPEN PRICE OF THE STOCK. THE SIMULATION ASSUMES PURCHASE AND SALE PRICES BELIEVED TO BE ATTAINABLE. IN ACTUAL TRADING, PRICES RECEIVED MAY OR MAY NOT BE THE SAME AS THE ASSUMED ORDER PRICES.