We are now working on the assumption that within wave -v-, wave .iii. ended at the 6017.31 and all of wave .iv. at 5773.31. If that is the case then we are now moving higher in wave .v., which may be now complete at the 6128.18 high.
If we are now moving lower in wave A, then within wave we are falling in wave -i- of .i. And within wave .i., we probably completed wave $i$ at the 5962.18 low. If that is the case, then we are moving higher in wave $ii$, which has a last retracement level of:
78.6% = 6092.80.
We would not now want to see this market rally much above the 78.6% retracement, otherwise will need to conclude that wave -v- is still underway and that we are heading to new all-time highs one more time.
Whether we make new highs or not is irrelevant because the big picture wave counts show a massive final wave five is almost complete and so we should be heading sharply lower not only in the months ahead, but for years… or even a decade or two!
Trading Recommendation: Short at 6050, risking to 6129. Active Positions: Short at 6050, risking to 6129!
Gold Market Update
We continue to rally in wave .v. of -iii-. Within wave .v., we completed wave ^i^ of *i* at the 1997.20 high and all of wave ^ii^ at the 1931.80. We continue to rally in wave ^iii^, which has a projected endpoint of:
^iii^ = 6.25^i^ = 3101.20.
Our very large wave .iv. bullish triangle pattern is complete at the 1810.10 low, and we continue to thrust higher in wave .v. of -iii-.
Within wave .v., wave *i* ended at the 1997.20 high and all of wave *ii* ended at the 1929.50 low. We are now rallying in wave *iii*, which has aa final projected endpoint of:
*iii* = 6.250*i* = 3042.30!
Trading Recommendation: Go long gold. Use puts as stops.
Active Positions: Long gold, with puts as our stops!
Thank-you!
Captain Ewave & Crew
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