Trader: If $1369.40 Was The Top Then We Can Expect To Test The Low $1300s To Upper $1280s

“We have updated our complex wave ^ii^ count on the Daily Gold Chart and now believe that all of wave $b$ could be complete at the 1369.40 high.”

by Captain Ewave of CaptainEwave

Elliott Wave Counts For Gold, SP500, & GDX

Gold: 

 

Short Term Update:

Gold traded sideways in yesterday’s day session and lower in the overnight session as we have reached a low of 1341.50.

 

We have updated our complex wave ^ii^ count on the Daily Gold Chart and now believe that all of wave $b$ could be complete at the 1369.40 high.

 

We should now be moving lower in a subdividing wave $c$ as shown on the Daily Gold Chart. Wave !i! of $c$ likely ended at 1335.60 and wave !ii! at 1356.70. We should now expect gold to fall sharply in wave !iii!, if wave !ii! is complete at the 1356.70 high.

 

All of wave $c$ should at least reach the wave $a$ low of 1309.00, but more likely to our retracement levels for all of wave ^ii^. Our 50 to 61.8% retracement zone are:

 

50% = 1301.90;

61.8% = 1286.90

 

A break of the lower up trendline forming wave !c! will confirm that all of wave $b$ is complete at the 1369.40 high.

 

Trading Recommendation: Long gold. Use puts as stops. 

 

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

 

 

S&P500: 

 

Short Term Update:

The S&P was higher in yesterday’s day session and in the overnight session the S&P Futures are up about 17 points.

 

We are now working on a subdividing wave .iii. drop, as shown graphically on the Daily S&P Chart. We believe that all of wave *i* of .iii. is likely now complete at the 2585.89 low, and we still appear to be working on a complex wave *ii* correction.

 

We are still little short of our 50% retracement level which is 2693.90, so we expect higher prices ahead, as shown on the 120 Minute SP500 Chart.

 

We continue to hold above our red up trendline line and once we break and close below that line we will know that all of wave *ii* is complete. The drop through the red trendline will be very interesting to watch as it should lead to a very big drop in this market. We will provide our first projections for the end of wave *iii* when we are sure that all of wave *ii* is complete.

 

Our retracement levels for wave *ii* are:

50% = 2693.90;

61.8% = 2719.38

 

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

 

.iii. = 1.618.i.= 2251.49

 

Trading Recommendation: Short with a stop at the 2802.00 level.

 

Active Positions: Very Short stop at 2802.00!

 

 

GDX:

 

Short Term Update:

The GDX was a little lower in yesterday’s trading session.

 

As you can see on the Daily GDX Chart we have updated our count to suggest that all of wave ii is NOT complete at the 20.84 low.

 

The current corrective pattern for wave ii looks to have become a complex double 3 wave pattern, of which we are about to complete our second wave (b).

 

We need to trade to at least the 23.15 high, to satisfy the minimum requirements for our second wave (b).

 

Upon completion of our second wave (b), we expect a drop in our second wave (c), to at least the 20.84 low, to complete all of wave ii.

 

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 an explosive wave (iii) very soon, which 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.  Buy more on any price weakness into the $20.84 area!

 

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

 

Free Offer For Website Readers:  Send me an email to [email protected] and I’ll send you a free Kinross Ewave chart and analysis!

Thank-you!

Captain Ewave & Crew!

Email: [email protected]

Website: www.captainewave.com

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.