Captain Ewave: The Stock Market Has Become Nothing More Than A Gambling Hall

“This market is in danger of a very big collapse, as many indicators are very stretched…”

by Captain Ewave of captainewave.com

Dec 19, 2017

Elliott Wave Counts For Gold, SP500, & GDX

Gold: 

 

Short Term Update:

We are now working on the assumption that all of wave ^c^ and wave *ii* are complete at the 1238.40 low and that wave *iii* higher is now underway.

 

We have now closed above the 1262.80 high which is a good sign for the bulls.

 

We will provide projections for the end of wave *iii* in a couple of days, likely after we clear the 1263.00 level.

 

Trading Recommendation: Stay long gold and raise the stop to 1238.00, although we would recommend that a stop be replaced with a put as a stop, due to the volatility in this market.

 

Our people should have added to their long positions yesterday.  

 

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

 

 

S&P500: 

 

Short Term Update:

The S&P made another all-time new high in yesterday’s trading session and in fact it actually gapped up on the cash Chart.

 

This stock market has now become nothing more than gambling hall based on no rational fundamentals, in our opinion.

 

This market is in danger of a very big collapse, as many indicators are very stretched…. and getting more stretched as this market moves higher. If our current analysis is correct, we should expect to see a very large drop in the S&P… 100 plus points in the near future.      

 

We are now rallying in wave -v-, and we have now modified that internal wave structure to suggest that we are now working on the final leg higher.

 

This is a now scary market for the bulls from an EWaves analysis point of view.

 

Trading Recommendation: Short the S&P at the market and buy calls as stops.

 

Active Positions: Very Short with calls at various levels as stops!

 

 

GDX:

 

Short Term Update:

 

The GDX was higher in yesterday’s trading session and we expect that trend to continue.

 

We now believe that all of wave ii is complete at the 21.27 low, and that wave iii higher is underway as shown on the Daily GDX Chart.

 

We will provide a projection for the end of wave iii in the next couple of days, but a break and close above the upper blue trend line of our wave (c) diagonal triangle, is very important for our current count to be confirmed.

 

Based on that we should expect the following from our current gold stocks/indices:

 

Kinross: Uncertain here. Nested bullish waves might be in play here.

 

Barrick: Major low at 13.28, and we should now be heading sharply higher.

Newmont: Higher with nested bullish waves in play here.

 

SSR: Higher with wave 2 in place at 10.02. Wave 1 ended at 19.53, back in

July, 2016.

 

HUI: Higher now. See the Monthly Chart

XAU: Higher now. See Monthly Chart.

 

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

 

Free Trades Offer For Website Readers:  Send me an email to [email protected] and I’ll send you my next couple short term ewave trades for free!

Thank-you!

Captain Ewave & Crew!

Email: [email protected]

Website: www.captainewave.com

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