Elliott Wave Technician: Silver Says The Rally Continues!

“Silver has not rallied to the extent of gold, so we still think that we are still rallying in…”

by Captain Ewave of CaptainEwave

Captain Ewave

Gold’s Correction Begins  

Email: [email protected]  

Website: www.captainewave.com  

July 2, 2019

 

GOLD:

 

Short Term Update

There is a chance that wave $i$ is still going to extend higher before it ends, and if that is the case then this current correction is nearing completion, or is complete at the 1384.90 low!

 

We have been working on the assumption that all of wave $i$ of *iii* is complete and we are now falling in our expected wave $ii$ correction. Our retracement levels for all of wave $ii$ are:

 

50% = 1356.00

61.8% = 1335.40.

 

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

 

*iii* = 1.618*i* = 1564.60!

 

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

 

.iii. = 1.618.i. = 1447.20, and we do have higher projections.

 

Trading Recommendation: Long gold. Use puts as stops.

 

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

 

Silver:

 

Short Term Update

Silver has not rallied to the extent of gold, so we still think that we are still rallying in wave !iii! of .iii..

 

The silver/gold ratio is at a record, which is suggesting that either gold needs to fall or silver needs to rally sharply.

 

Our initial projection for the end of wave !iii! is:

 

!iii! = 1.618!i! = 15.88

 

We have higher projections for the end of wave !iii! also.

 

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

 

.iii. = 1.618.i. = 18.06!

 

Trading Recommendation: Long silver. Use a put as a stop.

 

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

 

CDNX (Venture Index):

 

Short Term Update

Wave -i- ended at the 629.51 high and we are now falling in wave -ii-, although we have finally reached our retracement zone, which is:

 

50% = 579.02;

61.8% = 567.10.

 

We now need to be on guard for the end of wave -ii- and the start of very sharp rally in wave -iii-. We will provide our initial projection for the end of wave -iii- when we are sure that all of wave -ii- is complete.

 

Going long an array of junior mining stocks is recommended!

Key Gold Stock Wave Counts:

 

Kinross: Has now completed its minimum requirements for a completed wave (ii), at the 2.38 low. Wave (iii) rally is now underway.

 

Barrick:  We have completed the minimum requirements for a completed wave (ii) at the 9.53 low. Wave (iii) rally is now underway.

 

HUI: We have completed the minimum requirements for a completed wave (ii), at the 131.12 low. Wave (iii) rally is now underway.

 

XAU: We have completed the minimum requirements for a completed wave 2 at the 60.59 low. Wave 3 rally is now underway.

 

Trading Recommendation: We continue to suggest buying 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 Website Readers:  Please send me an Email to [email protected] and I’ll send you our latest Wave Counts Tactics report!  We analyse the hourly chart and the daily chart for GDX, and key individual miners!

Thank-you!

Captain Ewave & Crew

Email: [email protected]

Website: www.captainewave.com

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