Silver:
Analysis:
Wave ii ended at 18.01, and we are working on a powerful wave iii rally that is full of nested bullish waves, as shown on our daily silver chart.
Within wave iii, we completed wave (i) at 24.39 and wave (ii) at 19.94 and are moving higher in wave (iii), which has a current projected endpoint of:
(iii) = 2.618(i) = 36.64.
Within wave -iii-, wave *i* ended at the 32.75 high and all of wave *ii* at the 26.50 low. We should now be moving higher again in wave *iii*, which has the following initial projected endpoint:
*iii* = 1.618*i* = 45.75.
Within wave *iii*, we have now adjusted our internal wave count to suggest that we completed $i$ at 35.08 and we are now falling in wave $ii$, which has the following retracement levels:
50% = 30.79.
61.8% = 29.78.
We are working on the assumption that within wave $ii$ we completed wave !a! at 29.75 and that we are now moving higher in wave !b!, which has a upside retracement levels of:
50% = 32.42
61.8% = 33.04.
We are still short of our retracement zone for wave !b!, so we still expect higher prices in the days ahead.
It could be possible that all of wave $ii$ is nearing completion, perhaps at the 29.75 low.
Trading Recommendation: Go long, with puts as a stop.
Active Positions: Long with puts as our stop!
Oil:
Analysis:
Wave i ended at the 103.65 high and we are now falling in a lengthy and complex wave ii correction.
Within wave ii, we have updated our initial wave count to suggest that wave ii has become a double 3 wave corrective pattern. Our first wave three wave abc pattern ran from the wave i high of 130.50 to 63.57, which was then followed by a wave x rally that ended at the 95.03 high.
Within our second three wave abc pattern, wave a ended at 67.71 and wave b at 87.67. We should now be falling in our second wave c, which looks to have become an ending diagonal triangle formation. Within our second wave c ending diagonal triangle formation, wave $iv$ looks to be complete at the 78.46 high.
Our retracement levels for all of wave ii are:
50% = 68.50.
61.8% = 53.87.
Our minimum target for the end of wave c is the wave a low of 63.57.
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!
SP500:
Analysis:
We are working on the assumption that wave -iv- ended at 5402.62 and we are moving higher in wave .iii. of -v-, as shown on our 60 Min SP500 Chart, which has an updated projected endpoint of:
.iii. = 2.618.i. = 6795.68!
Within wave .iii. we have updated the completion of wave $i$ to 5866.42 and wave $ii$ to 5700.22, so we should be moving higher in wave $iii$, which has an updated projected endpoint of:
$iii$ = 1.618$i$ = 6450.65.
We expect higher prices as wave $iii$ of .iii. of -v- continues to develop, and then morphs into what could become the biggest blow-off stock market top of all time!
Trading Recommendation: Stay Flat.
Active Positions: Flat (but not for long)!
Thank-you!
Captain Ewave & Crew
email: admin@captainewave.com
website: www.captainewave.com
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