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Gold: Possible Wave Extension Upsidecaptainewave Sep 25, 2019 GOLD: Short Term Update
Our current low within wave *iv* is 1490.70. Our retracement levels for all of wave *iv* are: 23.6% = 1495.70; 38.2% = 1451.30 We have now entered the top end of our retracement area, so we cannot rule out the possibility that wave *iv* is now complete at the 1490.70 low and that we have started to rally again in wave *v*. Also, we continue to hold the sharp red up trendline that is shown on our daily gold chart. In the short term our next resistance level is 1532.00. Wave *v* and all of wave .iii. have an initial target of 1704.40. We cannot rule the possibility that wave *iii* is still underway and subdividing further and hence going to extend to our second projected endpoint which is: *iii* = 1.618*i* = 1745.60! Trading Recommendation: Long gold. Use puts as stops. Active Positions: We are long, with puts as stops! Short Term Update:
We continue to hold above our red up trendline that is shown on the daily chart. Wave .v. currently has a target of 26.09. We could also could still be working on an expanding wave .iii., which also has a second endpoint of .iii. = 2.618.i. = 26.09. Our next major weekly chart resistance is at 21.23 level. Trading Recommendation: Long silver. Use a put as a stop. Active Positions: We are long, with puts as stops! Short Term Update:
Wave -i- ended at the 629.51 high and we are still falling in a double 3 complex corrective pattern within wave -ii-, as shown on our CDNX chart, although it could now be complete at the 566.45 low. We have now reached our 61.8% retracement level for our wave -ii- correction, so if our current analysis is correct, we should see the end of wave -ii- very soon and the start of a sharp wave -iii- rally. Our retracement level for all of wave -ii- is: 50% = 579.02; 61.8% = 567.10. We will provide our initial projection for the end of wave -iii- when we are sure that all of wave -ii- is complete. Going long an array of junior mining stocks is recommended! 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 analyse the daily chart for GDX and the weekly chart for gold! ### Sep 25, 2018 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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