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Gold, Dollar, & Stk Mkt: Big Waves In Play

captainewave
email: admin@captainewave.com
website: www.captainewave.com

Jun 1, 2020


Gold:



We completed all of wave $ii$ of ^iii^ at the 1671.70 low and we are now rallying sharply higher in wave $iii$ of ^iii^.

We needed a break and close above the 1788.80 high to really see gold start to accelerate higher… and we got it on Tuesday!

Our initial projection for the end of wave $iii$ is:

$iii$ = 1.618$i$ = 1941.30.

Wave ^iii^ that 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!                  

Trading Recommendation: Go long gold. Use puts as stops.

Active Positions: We are long, with puts as stops!


S&P500:



We completed all of wave -i- of (iii) at 3233.14. We are now working on the assumption that all of wave -ii- is complete at the 2965.66 low, and if that is the case then we are now rallying in wave -iii-.

The other option is that wave -ii- is becoming more complex, as shown on our 120 Min SP500 Chart:



In this case we should revisit the 2965.55 low one more time before all of wave -ii- is complete. Details on this are included in our daily posts.

In the longer term our initial projected end point for all of wave (iii) is:

(iii) = 1.618(i) = 4001.14.      

Trading Recommendation: Flat.

Active Positions: Flat!


USDX:



We continue to fall sharply in wave -iii-, which has the following initial projected endpoint:

-iii- = 1.618-i-= 91.88.

It appears that wave *iv* could still be underway and becoming more complex then we had originally thought. If it is not already complete at the 97.70 high then after wave *iv* ends we still expect another drop in wave *v* of -iii-.

Trading Recommendation: Flat.

Active Positions: Flat!


GDX & Gold Stocks:



Our initial target for our ongoing wave 3 rally is:

3 = 1.618 (1) = 47.20

Wave 3 is subdividing and we are still rallying in wave ^iii^ of 3.

Within wave ^iii^, we have updated our count to suggest that all of wave -iii- ended at the 37.49 high and likely all of wave -iv- at 31.22.

If that is the case we could be starting to rally higher again, in wave -v- of ^iii^.

Our next projection for the end of wave ^iii^ is:

^iii^ = 2.618^i^ = 43.32.

Trading Recommendation: Go Long GDX & GDXJ!

Active Positions: We are long the GDX, ABX, KGC, NEM, SSSR, 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 free short-term wave count charts and analysis for GDX and the CDNX junior miners index, and key breakout buy alerts for hot mining stocks!

Thank-you!

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Jun 1, 2020
captainewave & Crew!
email: admin@captainewave.com
website: www.captainewave.com

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