Captain Ewave
USD, Oil & Gold: Key Wave Counts
US Dollar:
The Captain’s daily US dollar chart.
Analysis:
All of wave ^c^ is complete at the 114.75 high and we are now falling in wave ^d^. Within wave ^d^, we have now updated our internal wave count to suggest that it has become a double three wave pattern as follows:
a = 100.68.
b triangle = 103.28.
c = 99.22.
x = 110.02.
a = 96.00
b is now underway
c drop after wave b ends.
Within wave b we likely completed wave (a) at 10.06 and wave (b) at 95.85. We should now be moving higher in wave (c). We are currently not sure what type of internal wave pattern wave b is going to take, with the following options:
- Bearish Triangle: In this option wave (c) cannot trade above the wave (a) high of 100.06, and after it ends, we expect a wave (d) and then a wave € to complete all of wave b.
- Flat: In this option wave (c) should rally at least back to the wave (a) high of 100.06.
In the short term we expect the USDX to move higher in wave (c), although how high we do not know.
After our second wave b ends we expect a drop lower in wave c to complete all of wave ^d^.
Trading Recommendation: Short risking to 101.85!
Active Positions: Short risking to 101.85!
Oil:
The Captain’s daily oil chart.
Analysis:
Wave i ended at the 126.42 high and we are now falling in a lengthy and complex wave ii correction, which we are now assuming is complete at the 55.12 low.
We should now be moving higher in wave iii, and within wave iii, we have now completed wave i at the 78.40 high and we are now moving lower in our wave ii correction, which maybe complete at the 61.29 low. Our last retracement level for wave ii is:
78.6% = 60.10.
We do not want to fall below of 78.6% retracement level, for our current short-term analysis to remain valid.
We have another projection for the end of wave (c) at:
(c)= 0.618(a) = 61.61.
After wave ii ends, we expect a very sharp rally in wave iii.
Trading Recommendation: Long crude with a put as a stop. Long Suncor.
Active Positions: Long crude with puts as a stop! Long Suncor!
Gold:
The Captain’s daily gold chart.
Analysis:
As indicated in our last Weekly Post, we have updated our long-term count, starting form the low of 35.20 made back in 1970. Gold is general moving in a multi-decade incomplete impulsive fashion. Within this impulsive moved, we have the following count:
1 = 1920.80.
2 = 1046.20.
3:
i = 2073.40.
ii = 1614.40
iii:
(i) = 2073.30.
(ii) = 1810.10.
(iii) is still underway.
Within wave (iii), we completed wave -iv- at the 3281.60 low and we are now moving higher in wave -v-, to complete all of wave (iii). Projections for the end of wave -v- are:
-v- = 0.618-i- = 3887.40.
-v- = -i- = 4261.90.
-v- = 1.618-i- = 4867.40.
-v- = 1.618(3500.30-1810.10) = 6016.30.
The only comment about our above projections is that wave -iii- cannot be the shorted wave so under our current count, wave -v- cannot extend this 4242.00 high. It could also be possible that wave -iii- did not end at the 3500.30 high and that it is still underway and going to extend higher.
Our projections for the end of wave (iii) are:
(iii) = 4.236(i) = 3753.00.
(iii) = 6.25(i) = 4678.20.
We expect higher prices as wave -v- continues to develop. We could be close to finishing just wave *i* of -v-!
Trading Recommendation: Long gold. Use puts as stops.
Active Positions: Long gold, with puts as stops!
Free Offer For GoldSeek Readers: Please send me an Email to admin@captainewave.com and I’ll send you our free “Solid Silver & The Miners Too!” report. Here we highlight the incredibly bullish wave counts for silver bullion and some hot silver stocks too! We include both the weekly and daily charts… with our big upside targets included in the report!
Thank-you!
Captain Ewave & Crew
Email: admin@captainewave.com
Website: www.captainewave.com
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