Gold, Silver, & SP500: Key Waves In Play
By: Captain Ewave
GOLD:
Short Term Update:
Gold reached a low of 1305.30 this past week, but by the end of week we had moved higher to close in the 1324.80 area.
We also had a key weekly reversal higher which is bullish and suggests higher prices are coming in the short term!
We updated our count this week to a more bullish count that is suggesting that all of wave ?iii? of !iii! ended at the 1331.10 high and that we were correcting in wave ?iv?, which is likely now complete at the 1305.30 low.
Long Term Update:
We continue to rally in a larger subdividing wave !iii! of $iii$.
Once wave ?iv? ends we expect to rally again in wave ?iv? which has a target of 1358.10. Once wave !iii! ends we expect a wave !iv! correction that should retrace between 23.6 to 38.2% of the entire wave !iii! rally.
Our first projection for the end of wave .iii. is: .iii. = 1.618.i. = 1447.20, but we have higher projections also.
Longer term, our first and second projections for the end of wave -iii-, as shown on the weekly gold chart, are:
-iii-=1.618-i-=1661.80;
-iii-=2.618-i-=1993.70.
Active Positions: Long, with put options as stops!
Silver:
Short Term Update:
Silver was lower this past week as we reached a low of 15.45, but by the end of week we had closed at the 15.76 level.
We continued to rally in our wave ^iii^. Within wave ^iii^, we believe that all of wave $iii$ ended at 16.20 and we continue to correct in wave $iv$ which could be complete at the 15.45 low.
Once wave $iv$ ends we should expect to rally in wave $v$ of ^iii^, which should see a run to our projected area of 16.94.
From an "Ewaves" point of view we have now satisfied the minimum requirements for a completed wave ^iii^ at the 16.20 high, so our alternate would be that all of wave ^iii^ ended at 16.20 and that we are correcting in wave ^iv^.
Once wave ^iii^ ends we expect a wave ^iv^ correction that should retrace between 23.6 to 38.2% of the entire wave ^iii^ rally.
Long Term Update:
As you can see on our weekly silver chart we need to break and close above our red weekly downtrend line that connects 21.23 and 17.35.
A break and weekly close above the line will help send silver sharply higher!
Our updated first projection for the end of wave iii is:
iii = 1.618i = 26.09.
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.
Trading Recommendation: Go long silver, with put options as a stop.
Active Positions: We are long, with puts as stops!
SP500:
Long Term Update:
The SP500 was significantly higher this past week, reaching a high of 2775.66.
Our current long term and short-term counts were eliminated this past week, and we have updated our long-term count to suggest that...
only wave iv of V ended at the recent low of 2346.58.
We are now rallying in wave v of V to all time new highs.
We will update our daily and 120 minute charts to see who much progress we have made within wave v of V in our next post. That will be Tuesday morning, due to the US President's Day holiday.
Wave v of V has a minimum target of the wave iii high of 2939.86!
We remain short, due to the incredibly bearish implications of a Wave V market top, but this is a market that requires top callers use an equally incredible amount of patience!
Active Positions: Very short, with put options as our stop!
Thank-you!
Captain Ewave & Crew
Email: admin@captainewave.com
Website: www.captainewave.com
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