Analysis:
Wave *d* ended at the 2080.70 spike high and we are now falling in wave *e*.
We do not know which internal wave pattern wave *e* will become but for the moment will assume that is it is a simple 3 wave pattern.
We are also working on the assumption that all of wave ^a^ is complete at the 1893.00 low and that we have started to rally higher in wave ^b^. Our projections for the end of wave ^b^ are:
50% = 1986.90;
61.8% = 2009.00.
We have reached our 50% retracement level (1987.50) for wave ^b^, so we need to be on guard for its potential completion, and that start of another drop in wave ^c^, although it is still possible that we could move higher to the 61.8% retracement level, before all of wave ^b^ ends.
The drop in wave ^c^ back to at least the wave ^a^ low of 1893.00 will complete all of wave *e* and all of the very large bullish wave .iv. triangle.
We did have a key daily reversal lower in last Thursday’s trading session which may have marked the end of wave ^b^ at the 1987.50 high.
There is still an outside that chance that the recent drop could be all of wave *e* and not just wave ^a^ of *e* and in this case our wave .iv. bullish triangle is complete at the 1893.00 low and that we have started to thrust sharpy higher in wave .v. of -iii-.
Wave *e* can fall as low as the wave *c* low of 1614.90 and our bullish triangle formation will remain valid.
Wave *e* could also become a bullish triangle.
Our current projected target for the end of wave -iii- is:
-iii- = 4.236-i- = 2531.10.
Trading Recommendation: Go Long gold. Use puts as stops.
Active Positions: Long gold, with puts as stops!
Silver
Analysis:
We are rallying in wave iii, and within wave iii, all of wave -i- of (i) ended at the 24.39 high and wave -ii- at the 19.94 low. We are also rallying in wave -iii-, which has an initial projected endpoint of:
-iii- = 1.618-i- = 30.26.
Wave $ii$ is complete at the 22.14 low and we are now rallying in wave $ii$, which ash the following initial endpoint:
$iii$ = 1.618$i$ = 32.32.
It looks like wave $iii$ is going to subdivide with wave !i! of $iii$ ending at the 25.48 high. We are now falling in wave !ii! which has the following retracement levels:
50% = 23.81;
61.8% = 23.42.
We are still short of our 50% retracement level so we expect further losses as wave !ii! continues to develop.
After wave !ii! ends we expect another big rally in wave !iii! of $iii$.
Trading Recommendation: Go Long with puts as stops.
Active Positions: Long with puts as stops!
CDNX (Junior Miners):
Analysis:
We continue to work on the assumption that all of wave -ii- is complete at the 555.25 low, although we are currently not sure what our internal count for wave $v$ of (c) of -ii- looks like.
If wave -ii- ended at the 555.25 low then within wave -iii-, we are now rallying in wave (i). Within wave (i), it looks like all of wave $i$ ended at the 637.12 high and we are now falling in a more complex double 3 type wave $ii$ correction.
Our retracement levels for all of wave $ii$ are:
50% = 596.19;
61.8% = 586.52.
Within wave $ii$, our first 3 wave pattern ran from 637.12 to 591.40, which was then followed by a wave !x! rally that ended at 642.27. We are now falling in our second 3 wave pattern with wave !a! ending at 600.81 and wave !b! at the 624.56 high.
We have now reached our minimum target for the end of our second wave !c!, so we need to be on guard for the completion of all of wave $ii$ and the start of another rally in wave $iii$.
We will provide our initial projection for the end of wave $iii$, when we believe that all of wave $ii$ is complete.
Trading Recommendation: Go Long the GDXJ as a long-term hold.
Active Positions: Heavily long the GDXJ and key juniors on the CDNX, as a long-term hold!
Free Offer For Website Readers: Please send an Email to admin@captainewave.com and I’ll send you our free “GDX: A Bullish Divergence With Gold!” report. We highlight stunning wave counts for GDX and for key big-league miners too!
Thank-you!
Captain Ewave & Crew
Email: admin@captainewave.com
Website: https://captainewave.com
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