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USD, Oil, & Gold: Key Wave Counts

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

Dec 7, 2025

US Dollar:

Please click this link to view the Captain’s weekly US dollar chart. Double-click to enlarge it.

Analysis:

Long Term Update: 

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. 

It needs to consist of at least one abc pattern but can have up to three.  

We have made a major revision to the internal wave structure of wave ^d^ and now believe that it will consist of at least 2 three wave patterns as follows:

a = 100.35.
b triangle = 102.78.
c = 98.94.
x = 110.02
a = 96.00
b= 100.35, if complete.
c drop after wave b ends.

After second wave b ends, we expect another drop in second wave c.           

Active Positions: Short, risking to 105.00!        

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Oil: 

Please click this link to view the Captain’s weekly oil chart. Double-click to enlarge it.

Analysis:

Our internal wave count for wave ii to looks like:

(a) = 92.93.
(b) = 123.18.
(c) diagonal triangle:
-i- = 63.64.
-ii- = 95.03.
-iii- = 55.12.
-iv- = 78.40.
-v- is still underway, with a minimum target of 55.12.

It is looking like wave -v- may also be an ending diagonal triangle formation that remains incomplete. 

After wave ii ends we expect a very sharp rally higher in wave iii, and we will provide our projected endpoint for its completion after wave ii ends.

There is an outside chance that all of wave -v- and wave ii may have ended at the 55.98 low, with only a break of the 65.98 high confirming that to be the case.  

In the long term we are now rallying in wave C that has the following projections:                                                                         

C = A = 153.77.
C = 1.618A = 244.78!


Suncor:                                                                   

Please click this link to view the Captain’s weekly Suncor chart.  

Analysis:

It now looks like wave (iii) is going to extend higher to next projected endpoint of:

(iii) = 4.236(i) = 62.98.

We expect higher prices as wave -v- of (iii) continues to develop. 

Active Positions: Long crude, with puts as a stop. Long Suncor!


Gold:

Please click this link to view the Captain’s weekly gold chart.  Double-click to enlarge it.

Analysis:

We exited all long positions near the $4380 area highs. We entered these positions in late 2015. It’s not a top call. Our profits were so large that we had to book them… and we plan to re-enter the market at the end of “little wave b” with our biggest positions yet!

Here is our current long-term gold count starting from the 35.20 low made back in 1971:

1 = 1920.80.
2 = 1046.20.
3:
i = 2073.40.
ii = 1614.40.
iii:
(i) = 2073.30.
(ii) = 1810.10.
(iii):
-i- = 2790.40.
-ii- = 2539.90.
-iii- = 3500.30.
-iv- = 3280.60.
-v- = 4381.40, to complete all of wave (iii). 

We are now falling in a multi-month wave (iv) correction that has the following retracement levels:

23.6% = 3774.60.
38.2% = 3399.20.

Within wave (iv) we completed wave -a- at the 3886.50 low and it now looks like wave -b- is still underway, although it could now be complete at the 4265.70 high. After wave -b- ends we expect another drop in wave -c-. For the time being we are assuming that wave (iv) is becoming a bullish triangle, and therefore wave -c- cannot fall below the wave -a- low of 3886.05.

The other option is that wave -b- is going to become more complex and in this case wave (iv) could still become a flat or irregular type correction, where in the latter formation gold will make another all-time high in wave -b-, before it falls again into our suggested retracement zone.

We still expect that wave (iv) is going to take many more months to develop.

A projection for the end of wave iii is:

iii = 4.236i = 5965.60.

Projections for the end of wave 3 are:

3 = 2.618(1) = 5936.00.
3 = 4.236(1) = 9033.60.

Active Positions: Flat!                                                        

Free Offer For 321Gold Readers: Please send me an Email to admin@captainewave.com and I’ll send you our free GDX report.  I highlight my key buy zones, wave counts, and targets for this key mining stock ETF!

Thank-you!

Captain Ewave & Crew

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

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