Captain Ewave: Silver Has Reached Its Retracement Level And Is Moving Higher

Captain Ewave says silver has completed its retracement and is moving higher, and gold may just now be doing the same. Here’s the details…

by Captain Ewave of Captain Ewave

Feb 13, 2018

Elliott Wave Counts For Gold, SP500, & GDX

Gold: 

 

Short Term Update:

We are starting to think that all of wave ^ii^ is complete at the 1309.00 low and that our wave ^iii^ rally has now begun.

 

Our only concern is that the current low of 1309.00, is still a bit above our 50% retracement level of 1301.90.

 

The GDX and silver seems to have reached their retracement levels, and moving higher, so gold may now be doing the same.

 

For the time being we will assume that all of wave ^ii^ is complete at the 1309.00 low and that wave ^iii^ higher is now underway.

 

We will provide projections for the end of wave ^iii^, in the next day or so.

 

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

 

*iii*=1.618*i*=1495.20.

 

Trading Recommendation: Go long gold, assuming that all of wave ^ii^ is complete at the 1309.00 low. Use puts as stops.  

 

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

 

 

S&P500: 

 

Short Term Update:

The S&P was sharply higher in yesterday’s day session, but lower by about 10 points in the overnight futures market.

 

Wave .i. is complete at the 2532.69 low and we are now rallying in wave .ii.. We expect wave .ii. to retrace between 50 to 61.,8% of the entire wave .i. drop as shown on the Daily S&P Chart.

 

Upon completion of wave .ii. we expect a sharp drop in wave .iii. that will put us below the red up trend line.

 

Trading Recommendation: Short with a stop at the 2873.00 level.

 

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

 

 

GDX:

 

Short Term Update:

The GDX was sharply higher in yesterday’s trading session.

 

We are now working on the assumption that all of wave ii is complete at the 20.84 low, and that a sharp wave iii rally is now underway!

 

We will provide projections for ended of wave iii in the next couple of days, and updates for the gold stocks/indices below starting later this week:

 

Kinross:

Barrick:

Newmont:

SSR:

HUI:

XAU:

 

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

 

Free Trades Offer For Web 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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