Elliott Wave Trader: $16.07 Was The Low In Silver
"It looks like the wave in silver could now be complete at the 16.07 low, and if that is the case then we have..."
by Captain Ewave of CaptainEwave
CAPTAIN EWAVE LONG TERM CHARTS UPDATE
Gold:
Weekly Gold Chart:
Gold was higher this past week, as we still believe that we are working on our wave !iv! of $c$ correction.
We continue to work on the assumption that all of a complex wave ^ii^ NOT complete at the 1303.60 low. The specifics what we think wave ^ii^ is now doing are included on our daily gold chart, but we appear to be still working on wave $c$ of ^ii^.
Within wave $c$ it looks we still working on our corrective wave !iv! rally. Only a break now above the wave !i! low of 1335.50 low would confirm that all of wave ^ii^ is complete at the 1304.20 low and a sharp wave ^iii^ is now underway.
Our 50 to 61.8% retracement zone for all of wave ^ii^ is:
50% = 1301.90;
61.8% = 1286.90.
This drop in gold is following our wave -iv- rally in the USDX, which is described below under the USDX section.
Overall, gold should continue rally sharply in 2018.
Silver:
Weekly Silver Chart:
Longer Term Update:
Silver was higher this past week as we reached a high of 16.87.
It looks like wave ^ii^ in silver could now be complete at the 16.07 low, and if that is the case then we have started a very sharp wave ^iii^ higher.
Our only concern with confirming this now, is that gold appears to still have one more drop before it completes its corresponding wave ^ii^ correction.
As indicated above gold could have completed its wave ^ii^ correction at the 1304.20 low, as a failure, but we will resist making that our base case for the time being.
Silver should move sharply higher in 2018.
In the very long term we completed all of wave III at 49.00 in 1980 and all of wave IV at 3.55 in 1993. We are now working on wave V and within wave V we have the following count;
1 = 49.82;
2 = 13.67. Note that wave 2 retraced 78.6% of the entire wave 1 rally.
3 rally has now begun.
Active Positions: Long with puts as stops!
Gold Stocks:
Long Term XAU Chart:
Longer Term Update For GDX & Gold Stocks:
The GDX was higher this past week, and we challenged the 23.00 level.
We continue to assume that we are now falling in our second wave (c) of ii, which has a minimum target of 20.84. Over the last couple of weeks the GDX has been rallying as gold has been falling, which is clouding our short term outlook.
Traders should still consider going long the GDX at these levels, as we expect a very sharp wave iii rally is now be underway, as a drop below 20.84 , if it happens, will be short lived.
Longer term, all of wave 1 ended at 31.79 and that wave 2 at the 18.68 low.
Our first and second projection for end of wave 3 is:
3=1.618(1)=49.95;
3=2.618(1)=68.98.
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 my daily newsletter!
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.