Short Term Update:
Gold moved higher out of our bullish triangle formation and is quickly heading to our next projected endpoint for all of wave $iii$ which is:
$iii$ = 2.618$i$ = 1938.10!
After wave $iii$ ends we expect a small wave $iv$ correction that retraces between 23.6 to 38.2% of the entire wave $iii$ rally.
After wave $iv$ ends, there should be a nide wave $v$ that rally that will complete all of wave -iii-. That has a projected endpoint of:
-iii- = 4.25-i- = 1952.40.
Next major resistance is at the 1966/1978 levels.
Long Term Update:
The massive C wave is in force, and a lot of upside action is projected.
Our first projection for the end of wave ^iii^ is:
^iii^ = 1.618^i^ = 2687.80.
Our current projected endpoint for all of wave *iii* is:
*iii* = 1.618*i* = 2306.30.
We have higher projections also.
Trading Recommendation: Go long gold. Use puts as stops.
Active Positions: We are long, with puts as stops!
HUI:
Long Term Update:
We are now rallying in wave 3, which has the following projected endpoint:
3 = 2.618(1) = 620.32.
Within wave 3, we are rallying in wave iii. That has the following updated projected endpoint:
iii = 4.25i=644.35.
Within wave iii, we completed all of wave (ii) at 247.99 and we are now starting to rally higher in wave iii, and that has the following projected endpoint:
(iii) = 1.618(i) = 622.30!
CDNX:
Short Term Update:
Within wave (i) we believe we completed wave $i$ of (i) of -iii- at the 999.86 high. If that is the case then we are now dropping in wave $ii$, which has the following retracement levels:
78.6% = 895.63.
We now need to be on guard for the completion of wave $ii$ at the 902.30 low and the start of a major rally in wave $iii$.
Our current short-term challenge is to clear resistance above the sloping line connecting 968.07 and 962.05, which we suspect will happen soon!
We will provide our first projection for the end of wave $iii$, when we believe all of wave $ii$ is complete.
Long Term Update:
Longer term we are continuing to rally higher in wave (i) of -iii-, which has an initial projected endpoint of:
-iii- = 1.618-i- = 1592.50.
We should continue to rally sharply higher in wave .iii., which has an initial projected endpoint of:
.iii. = 1.618.i. = 1357.04.
Since the current projected endpoint for wave .iii. is lower than for wave -iii-, we should expect that wave .iii. will head to our second projected endpoint which is:
.iii. = 2.618.i. = 1784.50!
Trading Recommendation: Go long the GDXJ and key CDNX junior miners.
Active Positions: Heavily long the GDXJ and key juniors on the CDNX, as a long-term hold!
Thank-you!
Captain Ewave & Crew
Email: admin@captainewave.com
Website: www.captainewave.com
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