E-Wave Analysis Of Gold Price And Other Key Markets

Gold Price

We want to draw your attention to the possibility that the wave .b. triangle is expanding -- and therefore it did not end at the 1208.70 high.  In this case, all of wave -ii- would look like (wave -i- ended at 1224.30):

.a. = 1178.30;

.b. triangle:

^a^ = 1210.60;

^b^ = 1183.70;

^c^ = 1208.80;

^d^ = 1193.40;

^e^ = 1204.30 if complete to complete the wave .b. triangle.

Our current big event is the thrust down in wave .c. to the 1183.00 level. This should complete wave -ii-.

No change to our current 13 long positions, risking to $1141.40!

Crude Oil

Crude was lower in the overnight session, reaching 55.74.

We have attached the updated Daily Chart of crude showing our current count for all of wave iv. We are still expecting further downside in wave .iv. of our wave (c) diagonal triangle.

The attached chart does show 2 parallel lines for the extremes of the diagonal triangle but they do not need to be. In fact in most cases an ending diagonal triangle forms a rising wedge.

This is what is happening in the S&P also. In a bear market an ending diagonal triangle will usually form a falling wedge pattern.

Our current wave iv EWave Analysis is:

(a)    =  54.22;

(b)   =  42.03;

(c)    diagonal triangle:

.i. = 52.47;

.ii. = 47.05;

.iii. = 58.81, if complete;

.iv. drop is now;

wave .v. rally to go to complete all of our wave (c) diagonal triangle.                                                                                                                                 

S&P500

The S&P500 dropped a bit in the overnight session. It is interesting to note that on the S&P500  futures intraday chart, the drop from 2105.15 to 2080.44 looks like a three wave drop.

If that analysis is correct then this confirms our idea that the S&P is still moving higher in wave .c. of our wave -v- ending diagonal triangle.

Of course by now you know that our minimum target for the end of wave .c. and all of wave -v- is 2119.59.

The Captain has been telling all of his crew to sell general equities stocks heavily, and to be long gold and silver stocks!

USDX

The USDX dropped to 97.61 in the overnight session. That does not change our current thinking as we still believe we are in a grinding wave .c. leg of our wave- -v- triangle formation.

The alternate would be that wave .c. ended at 97.17 and that we rallying in wave .d. of the triangle.

We are short 5 positions, risking to 100.27.

NG

NG was higher in the overnight session, as we suggested it would be in our last End of Day Posting.

In spite of that we are still assuming that we are in wave .iii. of our wave -v- ending diagonal triangle formation.

Only a break of the wave .ii. high of 2.69 would change our thinking. NG reached a high of 2.62, at the the time that this Post was being written. We expect it will turn down shortly.

HUI/GDX

Signs of a new rally are starting to develop, but we need gold to get going!! 

We remain long all GDX positions, with stops at 18.37. 

BARRICK (ABX)

Note the key breakout taking place at the red downtrend line.  The Captain is very excited about this development.  Where Barrick leads, many other gold stocks follow!

CLAUDE RESOURCES

This is the Captain’s favorite junior gold stock, and the predicted C wave appears to be continuing to unfold in textbook fashion.  As noted on the chart, Claude has already tripled from the lows, and the Captain believes this stock will become a twenty bagger in a very short period of time!

NEWMONT MINING (NEM)

Look at the spectacular trend line breakout and pullback in play on this long term Newmont chart, to kick off a big C wave rider higher.

This is as “textbook” as it gets!

All systems are go at Newmont, for much higher prices for many years to come. 

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Email: [email protected]

Website: www.captainewave.com

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