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Metals, Stk Mkt, & Oil: Daily Chart Wavescaptainewave Dec 10, 2020 -iii- = 1.618-i- = 3710.44. After wave -iii- ends we expect a wave -iv- drop that should retrace between 23.6 to 38.2% of the entire wave -iii- rally, which we will provide once we believe wave -iii- is complete. We need to be on guard for the completion of wave -iii- at any time now, as we have now reached our projected endpoint for all of wave -iii-. Longer term we continue to rally in wave (iii), which has an initial projected endpoint of: (iii) = 1.618(i) = 4001.14. Trading Recommendation: Flat. Active Positions: Flat! If that is the case then we are now starting to rally sharply higher in wave (iii), which the following projected endpoint: (iii) = 1.618(i) = 93.96. Our only concern with our current wave (ii) low is that it was very shallow, although the 6.50 or -40 low was a bit of an aberration in trading. Trading Recommendation: Go Long crude with a put as a stop. Go long oil stocks. Active Positions: Long crude with put as a stop! Long Suncor stock! 50% = 20.78; 61.8% = 18.62. Our count to shows that wave (ii) is still underway and we expect a sharp drop in wave -c- to complete all of wave (ii). This wave (ii) correction is still above its 50% retracement levels, which supports further downside in this market. As a minimum, wave -c- should reach the 21.81 low… but we expect it will drop below that level to at least our 50% retracement level shown above. We will add to our long positions at 19.35. We will provide our initial projected endpoint for wave (iii), when we are sure that all of wave (ii) is complete. Trading Recommendation: Go long, using a put as a stop. Add to position at 19.35. Active Positions: Long, using a put as a stop! 50% = 1764.40; 61.8% = 1690.40. The failure of gold to hold the 1848.00/1851.00 support line suggests that wave ^ii^ is still underway as shown on our Daily Gold Chart. Wave ^ii^ is still working on a modified double 3 corrective pattern, with our second wave (b) ending at the 1879.80 high. We are falling again in our second wave (c), which has a minimum target of 1767.20, although we expect the end of wave ^ii^ to occur somewhere within the above retracement zone. Our current projected endpoint for all of wave *iii* is: *iii* = 1.618*i* = 2306.30. We also have higher projections. Trading Recommendation: Long gold. Use puts as stops. Add to long position at 1735. Active Positions: We are long, with puts as stops! Free Offer For Website Readers: Please send me an Email to admin@captainewave.com and I’ll send you our free XAU & HUI gold stocks report. Included is a bonus update on oil stock Suncor! ### Dec 10, 2020 Risk: captainewave.com is an impersonal advisory service and, therefore, no consideration can or is made toward your financial circumstances. 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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 |
