Elliott Wave Technician: Very Sharp Rally In Silver Could Be Next Big Event In Markets

by Captain Ewave of CaptainEwave

Captain Ewave

S&P500, Gold, & Silver: Trends & Trades

Email: admin@captainewave.com

Website: www.captainewave.com

Nov 6, 2019

GOLD:

Short Term Update

It still looks like all of our wave *iv* correction is complete at the 1465.00 low, and that wave *v* higher in now underway. We could still be working on a wave *iv* bullish triangle also.

Regardless, our retracement levels for all of wave *iv* are:

23.6% = 1495.70

38.2% = 1451.30

Wave *v* and all of wave .iii. have an initial target of 1704.40.

We did well with a short-term NUGT trade that we got out of right before the Tuesday meltdown!

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

Active Positions: We are long, with puts as stops!

Short Term Update:

It looks like wave .iii. is extending, with wave ^ii^ of .iii. now likely compete at the at the 16.94 low.

Our retracement levels for wave ^ii^ are:

50% = 17.01

61.8% = 16.36

If wave ^ii^ is now complete then we should expect a very sharp rally in wave ^iii^ to begin very soon and be the next big event in this market. We will provide our initial projections for the end of wave ^iii^, when we are sure that all of wave ^ii^ is complete.

Trading Recommendation: Long silver. Use a put as a stop.

Active Positions: We are long, with puts as stops!

S&P500: 

Short Term Update:

The SP500 has reached all time new highs, but we are still thinking that the bearish case is not dead yet!

On our Daily and 120 Min SP500 Charts we have shown a modified alternate bearish count that is suggesting the wave  -b- has possibly become a double 3 corrective wave pattern.  

For now, our current bullish is still preferred. Our subdividing wave (iii) that has initial projection of:

(iii) = 1.618(i) = 3711.83.

We continue to hold our core short position, protected with calls, and we’ve done well with a short-term trade on a leveraged long ETF on the Nasdaq!

Trading Recommendation: Short at 2950.0, with a call as a stop.

Active Positions: Short at 2950.00, with a call as stop.  

Free Offer For Website Readers: Please send me an Email to admin@captainewave.com and I’ll send you a couple of our next NUGT and GDX trade alerts, with analysis of why we are taking the trades!

Thank-you!

Captain Ewave & Crew

Email: admin@captainewave.com

Website: www.captainewave.com