Within wave *iii*, wave ^i^ ended 2151.00, and wave ^ii^ at 1923.50. We are rallying in wave ^iii^, which could he heading to our next projected endpoint of:
^iii^ = 6.25^i^ = 3395.00.
Within wave ^iii^, wave !i! ended at 2088.50, wave !ii! at 1984.30, wave !iii! at 2431.50 and our wave !iv! bullish triangle formation at the 2293.80 low.
We are rallying in a subdividing wave !v!, with wave $i$ ending at 2483.80, wave $ii$ at 2353.20, and we are still moving higher in wave $iii$, that has a projected endpoint of:
$iii$ = 1.618$i$ = 3158.00.
Our current projected endpoint for the end of wave -iii- is:
-iii- = 6.25-i- = 3199.90!
Active Positions: Long, with puts as our stops!
GDX Update
Within wave C, we completed wave (i) at the 42.47 high and all of wave (ii) at the 38.58 low. We should now be moving sharply higher in wave (iii), which has an initial projected endpoint of:
(iii) = 1.618(i) = 53.05.
Next major resistance is 44.22 and as we clear that zone, it’s a breakout from our multi-year wave B bullish triangle!
Here’s a close-Up weekly chart view:
All of wave A ended at the 53.08 high in 2008 and we have adopted our alternate count that is suggest that wave B is still underway.
Within our multi-year wave B bullish triangle, we look to have completed wave d at 44.22, and we are falling in wave e.
We are working on the assumption wave e and our bullish wave B triangle are complete at the 33.42 low, and that we should be thrusting sharply higher in wave C.
Our initial projections for wave C are:
C = A = 90.29
C = 1.618A = 125.44!
Within wave C, we completed wave (i) of i of C at 42.54, wave (ii) at 38.58, and we are moving sharply higher in wave (iii).
We expect a significant breakout to occur in the GDX (possibly this coming week) as we clear major resistance above our upper red trendline connecting 45.78 and 44.22.
Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops!
Thank-you!
Captain Ewave & Crew
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