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USD, Stock Market, & Gold: Key Wave Counts

US Dollar 

image-20230623085747-1

 Analysis:

All of wave ^c^ is complete at the 114.75 high and we are now falling in wave ^d^. The wave ^d^ drop must consist of at least one 3 wave pattern, so for the moment we will assume that we are falling in wave a of ^d^.

On our Daily USDX Chart we have shown our count for wave a, and we are now working on the assumption that it is complete at the 100.42 low. We should now be rallying in wave b, which has the following retracement levels: 

50% = 107.59;

61.8% = 109.28.

We expect the rally in the USDX to continue as we head higher in wave but for the time being we are assuming that wave b is becoming a simple 3 wave corrective pattern. It now looks like wave -a- of b ended at the 104.61 high, and we are still  falling in wave -b-. After wave -b- ends we expect another rally in wave -c-  to complete all of wave b.

After wave b ends, we expect another big drop in wave c. 

The other option is that wave -v- of a is going to extend with only wave $i$ of -v- ending at the 100.42 low and we are now rallying in wave $ii$, which would be complete at the 104.61 high. We are now falling in wave $iii$.   

Trading Recommendation: Stay flat. 

Active Positions: Flat!

 

Stk Mkt (S&P500): 

image-20230623085747-2

Analysis: 

Wave v is complete at the 4748.87 high as a failure high. We have started what looks to be a multi-decade correction (bear market).  

We have now updated our count to adopt our large bearish triangle option as shown on our Daily SP500 Chart. In general, we are falling in a 3-wave pattern, and within that pattern we are falling in wave A.

Within wave A, we completed wave (a) at 4222.62 and we are now working on an expanding and extending wave (b) bearish triangle.

Within that triangle, wave -c- looks to still be underway as it has become more complex, and very, very overstretched now. A major reversal is likely very near. 

After wave -c- ends we expect a wave -d- drop that will be followed by another wave -e- rally to complete the entire wave (b) bearish triangle formation. After our large wave (b) bearish triangle ends we expect a very large thrust lower in wave (c) to complete all of wave A.                   

Trading Recommendation: Go short, with calls as stops.                                                                          

Active Positions: Heavily short, with calls as stops!

 

Gold: 

image-20230623085747-3

Analysis:

We are now working on the wave counts assumption that all of wave *d* ended at the 2080.70 spike high. If that is the case, then we are likely 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.

It now looks like wave ^a^ is still underway. After wave ^a^ ends we expect another rally in wave ^b^ that will be followed by another drop in wave ^c^ to complete all of wave *e* and all of the very large bullish wave .iv. triangle.  

We will provide our projections for the end of wave ^b^ when we think that wave ^a^ is complete. 

There is an outside that chance that the current drop could be all of wave *e* and not just wave ^a^ of *e*. 

Next major resistance is at the 1980.00/1984.00 level. 

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! 

 

Free Offer For Website Readers:  Please send me an Email to admin@captainewave.com and I’ll send you our free “CDNX Ten Baggers!” report.  Key CDNX stocks with ten bagger potential are highlighted.  As a bonus, our current GDX Hourly Chart wave count analysis is also included in this report!

Thank-you!

Captain Ewave & Crew

Email: admin@captainewave.com

Website: www.captainewave.com

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