Home   Links   Editorials

Gold's Correction Begins

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

June 11, 2019


Short Term Update

Gold was higher in Friday’s day session as we reached a high of 1352.60. In the overnight session we have moved sharply lower to reach a low of 1329.10.                                      

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

Silver was higher in Friday’s day session as we reached a high of 15.15. In the overnight session silver was sharply lower to reach a low of 14.69.

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!

GDX and Gold Stocks:

Short Term Update

The GDX was higher in Friday’s trading session as we reached a high of 23.12. We are selling off from there, exactly where we warned you this decline was likely to start.

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!



Jun 11, 2019
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