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Dollar, Oil, & Gold: Key Wave Countscaptainewave Sep 29, 2024 We continue to work on a very large wave B bearish triangle and within that triangle all of wave ^c^ ended at the 114.75 high. We are now falling in wave ^d^. Wave ^d^ cannot fall below the wave ^b^ low of 71.46 for this triangle formation to remain valid. Wave ^d^ needs to consist of at least one abc pattern but can have up to 3 such patterns. Within wave c, we completed wave -i- at 100.31 and wave -ii- at 106.38 and we are now falling in wave -iii-, which has an initial projected endpoint of: -iii- = 1.618-i- = 95.37 Our current projection for the of wave c of ^d^ is way down on the chart at: C = 1.618a = 84.28 This count is incredibly supportive of our gold/GDX/gold stock and silver counts. Trading Recommendation: Go short. Use a stop at 107.10
Wave ii has become more complex as shown on our Weekly Crude Chart and is NOT complete at the 63.57 low. Within wave ii, wave (a) ended at the 63.57 low. It looks like wave (b) has become a bearish triangle formation is now complete at the 80.16 high. If that is the case, then we are now falling in a subdividing wave (c), which has a minimum target of the wave (a) of 63.57. Trading Recommendation: Go long crude. Use puts as stops. !v! = 1.618(2431.50-1973.10) = 3035.50. Within wave !v!, it looks like we completed wave @i@ of !v! at the 2483.70 high and wave @ii@ at the 2353.20 low, so we have been rallying in wave @iii@, which has an initial projected endpoint of: @iii@ = 1.618@i@ = 2660.50. (The other option is that wave @iii@ is going to extend higher.) We expect that wave @iv@ should retrace between 23.6 to 38.2% of the entire wave @iii@ rally. Our updated projected target for the end of wave -iii- is: Trading Recommendation: Go long gold. Use puts as stops. 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