Elliott Wave Counts For Gold & Silver

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

Jul 25, 2018

GOLD: 

Short Term Update:



Gold was nicely higher in yesterday’s day session. In the overnight session we reached a high of 1233.30.
 
Alas, we still believe that wave .ii. is NOT complete at the 1204.00 low. It appears that wave .ii. has become a double 3 wave corrective pattern, which should be very close to ending.

Per our wave counts for now, we need to trade to at least the 1204.00 low, one more time, to satisfy the minimum requirements for all of our wave *c* and wave .ii. to be complete.
 
The sentiment for gold is just getting more extreme as gold moves lower, with our calculations showing the record low is 4% bulls, which we will likely reach at the wave .ii. low.  
 
Elliott Wave Theory (EWT) does suggest that at the end of corrective wave .ii.’s that the market psychology is very bearish in a bull market, and even more bearish then at the start of move higher.

I believe we have that type of sentiment right now.

Upon completion of wave .ii. we expect to see gold trade above very strong resistance at the 1360.00/1370.00 level, and likely into the 1500.00 area over the next number of months.
  

Long Term Update:

As you can see on the weekly gold chart, wave .ii. has become a double 3 wave corrective pattern, and that is nearing completion.

This count suggests we need to see one more drop to at least the 1204.00 low to complete the minimum requirements for all of wave .ii. to become complete.
 
As indicated in our Morning Posts this past week, many technical indicators and sentiment have reached record or near-record extremes in gold, which is suggesting that a reversal in trading direction is very close.
 
Upon completion of wave .ii. we expect a very powerful rally in wave .iii. to be the next major move in this market.
 
Longer term, our first and second projections for the end of wave -iii-, as shown on the Weekly Gold Chart, are:
 
-iii-=1.618-i-=1661.80;
-iii-=2.618-i-=1993.70.   

Trading Recommendation: Go Long gold. Use puts as stops.
 
Active Positions: We are long, with puts as stops!
                                           

Silver: 




Short Term Update:

Silver was higher in yesterday’s day session and again in the overnight session as we have reached a high of 15.63.    
 
Silver should now be working on its final subdivisions within its wave .ii. correction, although we can now make a case, from an EWave structure point of view, that all of wave .ii. is COMPLETE at the 15.19 low and that we have started wave .iii. higher.

A rally and close above the 15.64 low, would be very good sign that the fortunes of silver have started to turn to the upside. Gold can make one more new low without silver having to do the same.

Also, like gold, silver has many indicators at extreme/record levels, which is also indicating a likely reversal in trading direction to the upside is imminent.  

The expected sharp rally in wave .iii. will see us trade well above major resistance at the 18.30/18.50 level.
 
Trading Recommendation: Long silver. Use a put as a stop.
 
Active Positions: We are long, with puts as stops!



In the very long term we completed all of wave III at 49.00 in 1980 and all of wave IV at 3.55 in 1993. We are now working on wave V and within wave V we have the following count;
 
1 = 49.82;
2 = 13.67. Note that wave 2 retraced 78.6% of the entire wave 1 rally.
3 rally has now begun.

Free Offer For 321Gold Readers:  Send me an email to admin@captainewave.com and I’ll send you our “Nailing The GDX Low!” report. I highlight key short-term wave counts for GDX as it moves towards our key final low number, and good times begin!

Thank-you!

###

Jul 25, 2018
captainewave & Crew!
email: admin@captainewave.com
website: www.captainewave.com

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. You also agree to bear complete responsibility for your investment research and decisions and acknowledge that captainewave.com has not and will not make any specific recommendations or give advice to you or any of its clients upon which they should rely. captainewave.com suggests that the client/member test all information and trading methodologies provided at our site through paper trading or some other form of testing. captainewave.com, its owners, or its representatives are not registered as securities broker-dealers or investment advisors either with the U.S. securities and exchange commission or with any state securities regulatory authority. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest with or without seeking advice from such an advisor or entity, then any consequences resulting from your investments are your sole responsibility.

All information posted is believed to come from reliable sources. captainewave.com does not warrant the accuracy, correctness, or completeness of information available from its service and, therefore, will not be liable for any loss incurred. Due to the electronic nature of the internet, the captainewave.com website, its e-mail & distribution services and any other such "alerts" could fail at any given time. captainewave.com will not be responsible for unavailability of use of its website, nor undelivered e-mails, or "alerts" due to internet bandwidth problems, equipment failure, or acts of god. captainewave.com does not warrant that the transmission of e-mails, or any "alert" will be uninterrupted or error-free. captainewave.com will not be liable for the acts or omissions of any third party with regards to captainewave.com delay or non-delivery of the captainewave.com nightly emails or "alerts". Further, we do not receive any form of payment or other compensation for publishing information, news, research or any other material concerning any securities on our site or publish any information on our site that is intended to affect or influence the value of securities.

There is no guarantee past performance will be indicative of future results. No assurance can be given that the recommendations of captainewave.com will be profitable or will not be subject to losses. All clients should understand that the results of a particular period will not necessarily be indicative of results in future periods. The results listed at this website are based on hypothetical trades. Plainly speaking, these trades were not actually executed. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated trades do not represent actual trading. Also, since the trades have not actually been executed, the results may have over or under compensated for the impact, if any, of certain market factors such as lack of liquidity. You may have done better or worse than the results portrayed. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. No independent party has audited the hypothetical performance contained at this website, nor has any independent party undertaken to confirm that they reflect the trading method under the assumptions or conditions specified hereafter. While the results presented at this website are based upon certain assumptions believed to reflect actual trading conditions, these assumptions may not include all variables that will affect, or have in the past affected, the execution of trades indicated by captainewave.com. The hypothetical results on this website are based on the assumption that the client buys and sells the positions at the open price of the stock. The simulation assumes purchase and sale prices believed to be attainable. In actual trading, prices received may or may not be the same as the assumed order prices.

321gold Ltd