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Gold's Correction Beginscaptainewave June 11, 2019 GOLD: Short Term Update
It looks like our anticipated corrections in gold, silver and the GDX are now underway. In gold wave $i$ of *iii* ended at 1348.90; we now expect a wave $ii$ correction that should retrace between 50 to 61.8% of the entire wave $i$ rally. We continue to move higher in wave *iii*. Within wave *iii*, we should expect to see a five-wave impulsive sequence which we have shown graphically on our daily chart. On the Intraday Chart the drop from the 1348.80 high to the current low of 1329.10 is looking like an irregular type correction. So, it could be possible that wave $i$ is still underway, although we don’t think so. In this case, we would soon turn higher again for another run back to at least the 1352.60 level to complete all of wave $i$. Should gold decisively break through the 1350 level, then wave $i$ could extend to reach the 1365.00/1370 level, before it ends! Our first projection for the end of all wave *iii* is: *iii* = 1.618*i* = 1564.60! Our first projection for the end of wave .iii. is: .iii. = 1.618.i. = 1447.20. We do have higher projections. Of course, wave .iii. will subdivide into a 5 wave impulsive sequence in its journey higher. Trading Recommendation: Long gold. Use puts as stops. Active Positions: We are long, with puts as stops! Short Term Update
Wave !i! of ^i^ of .iii. appears to be complete at the 15.04 high, and if that is the case then we should now be correcting in wave !ii!, as shown on our daily chart. Like gold, wave .iii. is going to subdivide into a five wave sequence, and we will show those subdivisions on our chart as they develop. We will provide our retracement levels for all of wave !ii! when we are sure that wave !i! is complete. Our first projection for the end of wave .iii. is: .iii. = 1.618.i. = 18.06! Trading Recommendation: Long silver. Use a put as a stop. Active Positions: We are long, with puts as stops! Short Term Update
Wave (iii) is expected the subdivide into a five-wave impulsive sequence, and it looks like wave -i- of (iii) is now complete at the 23.12 high. If that is the case, then we are now falling in wave -ii- as shown on the chart. We will provide our retracement levels for wave -ii-, when we are sure that all of wave -i- is complete. Our initial projection for the end of wave (iii) is: (iii) = 1.618(i) = 30.67. Longer term our first projection for the end of wave 3 is: 3 = 1.618(1) = 48.95. We have the following counts, for the following: Kinross: Has now completed its minimum requirements for a completed wave (ii), at the 2.38 low. Wave (iii) rally is now underway. Barrick: We have completed the minimum requirements for a completed wave (ii) at the 9.53 low. Wave (iii) rally is now underway. HUI: We have completed the minimum requirements for a completed wave (ii), at the 131.12 low. Wave (iii) rally is now underway. XAU: We have completed the minimum requirements for a completed wave 2 at the 60.59 low. Wave 3 rally is now underway. Trading Recommendation: We continue to suggest buying all of the above gold stocks and indices, for a long term hold. Active Positions: We are long the GDX, ABX, KGC, NEM, SSR, and TSX:XGD with no stops!! Free Offer For 321Gold Readers: Please send me an Email to admin@captainewave.com and I’ll send you our latest Wave Counts Tactics report! We cover oil, the S&P500, and include the important GDX daily chart! Thank-you! ### Jun 11, 2019 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. 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