This is a bearish chart, and the weekly chart is even more ominous.
The bottom line: All of wave -iv- is complete at the 93.47 high and we are starting to fall in the initial stages of wave -v-.
We should continue to drop.
We plan to provide projections for the end of wave -v- in the next day or so.
The continuing drop in the USDX should support our rallies in gold, silver and the GDX.
Trading Recommendation: Stay flat.
Active Positions: Flat!
Short Term Update:
We are rallying in wave (i) of *iii* and within wave (i) we completed wave -i- at the 1738.00 and all of wave -ii- at the 1677.50.
We are fast approaching our wave -iii- initial projected endpoint which is:
-iii- = 1.618-i- = 1782.70.
We suspect that wave -iii- might extend and if it does then our next projected endpoint for all of wave -iii- is:
-iii- = 2.618-i- = 1846.70.
Our first projection for the end of wave ^iii^ is:
^iii^ = 1.618^i^ = 2687.80!
Longer term our current projected endpoint for all of wave *iii* is:
*iii* = 1.618*i* = 2306.30.
We have higher projections also.
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: We are long, with puts as stops!
Short Term Update:
In the big picture for silver, all of wave (ii) ended at the 21.96 low, and we are rallying higher in wave (iii), which has the following initial projected endpoint:
(iii) = 1.618(i) = 51.52.
Within wave (iii) all of wave -ii- is complete at the 23.79 low and we are rallying in wave -iii-, which has an initial projected endpoint of:
-iii- = 1.618-i- = 34.22.
Within wave -iii-, we are still working on wave *i*, with the next resistance at: 26.74.
Trading Recommendation: Go long and use puts as a stop.
Active Positions: Long using puts as a stop!
Short Term Update:
Our wave *ii* correction is complete at the 30.64 low for GDX, and we are starting to rally sharply higher in the initial stages of wave *iii*.
Our first projection for the end of wave *iii* is:
*iii* = 1.618*i* = 78.66!
Within wave *iii* we are now rallying in wave ^i^ and within wave ^i^ we look to have completed wave -i- at the 34.48 high and all of wave -ii- at the 31.65 low.
We are rallying sharply higher in wave -iii-, which has an initial projected endpoint of:
-iii- = 1.618-i- = 37.86
We aggressively broke above our seven (7) month upper red downtrend line that has defined the upper bound of our wave *ii* correction. In the days ahead we may drop back to test this breakout, but we do not have to do that.
We should be heading higher, to reach at least our first projected endpoint for wave -iii- at the 38.00 level.
Our incredible updated GDX projection for the end of wave -3- is:
3 = 2.618 (1) = 66.37!
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Captain Ewave & Crew
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