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SP500 & Gold: Major Waves In Playcaptainewave April 22, 2020
If our wave iv irregular type corrective pattern is the correct analysis, then it is complete at the 2191.86 low and the SP500 is now poised to rally to all time new highs again in wave v, as shown on the weekly SP500 chart. If we are now rallying in wave v, then our current count is suggesting that all of wave -i- ended at the 2637.01 high and all of wave -ii- at the 2447.49 low. We are now rallying in wave -iii- which has the following initial projected endpoint: -iii- = 1.618-i- = 3167.74. Once wave .i. ends we expect a wave .ii. correction that retraces between 50 to 61.8% of the entire wave .i. rally, and that may be underway now. This current 3wave rally needs to become a 5wave rally to support our current wave v count. The other option is that all of wave V is complete at the 3393.53 high and that we are now dropping back in a multi-year correction to the following retracement levels: 50% = 1696.77; 61.8% = 1296.33. Incredibly, these levels above represent a correction of the entire history of the SP500, from its inception when it was valued at 0, to the wave V high of 3393.53! Active Positions: Flat! We updated our count within our wave ^iii^ rally to now suggest that all of wave $i$ ended at the 1788.80 high and that we are now falling in wave $ii$ of ^iii^, which had the following retracement levels: 50% = 1682.40; 61.8% = 1657.30. Once wave $ii$ ends (and it may be over now!) we expect another sharp rally higher in wave $iii$ of ^iii^. Wave ^iii^ has the following initial projection for its completion: ^iii^ = 1.618^i^ = 1967.10. Our current projection for the end of wave .iii. is: .iii. = 1.618.i. = 2306.30! Active Positions: Long, with puts as stops! We are now working on the assumption that all of wave 2 is complete at the 16.15 low and that we started to rally in wave 3 which has the following initial endpoint: 3 = 1.618 (1) = 47.20 In the short-term wave 3 is subdividing and our view is that wave -ii- of ^iii^ of 3 ended at the 23.00 low. If that is the case, then we are now rallying in the initial stages of wave -iii- that has the following initial projection for its completion: -iii- = 1.618-i- = 35.81 We should move higher this coming week. Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, and TSX:XGD… with no stops! (iii) = 2.618(i) = 14.19. Within wave (iii) we are now rallying in wave -iii-, which has the following projections for its completion: -iii- = 1.618-i- = 9.01; -iii- = 2.618-i- = 12.90. Iii= 1.618i= 37.10; Iii = 2.618i = 53.94 Within wave iii we are rallying sharply in wave (iii), which has projected endpoints of: (iii) = 1.618(i) = 32.79; (iii) = 2.618(i) = 45.24. Thank-you! ### April 22, 2020 Risk: captainewave.com is an impersonal advisory service and, therefore, no consideration can or is made toward your financial circumstances. All material presented within captainewave.com is not to be regarded as investment advice, but for general informational purposes only. Trading stocks does involve risk, so caution must always be utilized. We cannot guarantee profits or freedom from loss. You assume the entire cost and risk of any trading you choose to undertake. 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