by Captain Ewave

Gold:

Short Term Update:

Within wave .iii. we continue to work on our first impulsive sequence, as shown on the daily gold chart.

We have taken a very bullish approach and are working on the assumption that only wave ?iii? ended at the 1300.40 high and that we are now correcting in wave ?iv?.

Our retracement levels for wave ?iv? are:

23.6% = 1279.20

38.2% = 1266.10

On the intraday chart it now looks like wave ?iv? has become more complex than just a simple bullish triangle, and we should expect gold to move back to at least the 1278.20 level, before wave ?iv? ends.

Wave ?iv? does include a small bearish triangle within its internal corrective pattern. Once wave ?iv? ends we expect another push higher in wave ?v? to complete all of !iii!. Our next projected target for the end of wave ?v? and !iii! is:

!iii! = 2.168!i! = 1358.40

We do have higher projections and wave .iii. should subdivide into a 5 wave impulsive sequence in its journey higher.

This triangle pattern will only be eliminated if we now trade below the 1278.10 low.

Even if this triangle pattern is eliminated the trading patterns on the intraday chart still suggest that the drop from the wave ?iii? high of 1300.40 is corrective, which supports higher prices ahead!

Our first projection for the end of wave .iii. is:

.iii. = 1.618.i. = 1447.20

Weekly Gold Chart:

Longer term, our projections for the end of wave -iii-, as shown on this weekly gold chart, are:

-iii-=1.618-i-=1661.80

-iii-=2.618-i-=1993.70                                     

Trading Recommendation: Go long gold.  Use puts as stops.

Free Offer For Website Readers:  Please send me an Email to admin@captainewave.com and I’ll send you our key “Silver Surge: Is This For Real?” report! We focus on a powerful silver stock as well as key short and long term charts for silver bullion.  We include tactical approaches to make money on the current wave counts action!

Thank-you!

Captain Ewave & Crew

Email: admin@captainewave.com

Website: www.captainewave.com

Free Offer For Website Readers:  Please send me an Email to admin@captainewave.com and I’ll send you our key “Silver Surge: Is This For Real?” report! We focus on a powerful silver stock as well as key short and long term charts for silver bullion.  We include tactical approaches to make money on the current wave counts action!

Thank-you!

Captain Ewave & Crew

Email: admin@captainewave.com

Website: www.captainewave.com

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