JWagnerFXTrader

JWagnerFXTrader Aug 21, 2023

Trend lines are a powerful tool that represent areas where buyers and sellers tend to change their behaviors. On Silver, we can draw a support trend line that is upward-sloping and has held up prices for several months. Silver has reached this support level and is bouncing accordingly. Any traders positioning long will want to place a stop loss below the...

JWagnerFXTrader Updated  Aug 3, 2023

Gold has reached a low of nearly $1900 today. This is an important low as two different Elliott Wave patterns we are following suggest a strong rally is about to develop. 1. B-wave triangle of a larger zigzag First, today's low may be wave (b) of a triangle pattern (black labels). Therefore, wave (c) will be a rally that carries up to about $1975. After some...

JWagnerFXTrader Aug 3, 2023

Back on June 29, we highlighted how Gold was poised to rally to $1975 and possibly $2000. Earlier this week, Gold reached $2010 and is now poised to dump below $1900. It appears this week's high was wave ((x)) of a double zigzag. That means wave ((y)) will unfold to the downside reaching $1850-$1880 and possibly $1750-$1780. Though we are halfway through this...

JWagnerFXTrader Aug 2, 2023

USDJPY is nearing a very important high and is likely to decline thousands of pips over the coming months. Back in October 2022, USDJPY reached a pinnacle turning point. In October, USDJPY declined in an impulse wave suggesting the larger trend had turned lower. The rally since Q1 2023 is a double zigzag, a corrective wave further signaling the larger trend is...

JWagnerFXTrader Updated  Jul 13, 2023

The minimum waves are in place for the correction on $NZDUSD. This implies Kiwi is at the beginning stages of a multi-hundred pip rally. The corrective dip met the lower end of the price channel and may be ready to take off higher. Targets to the upside include .6382 & .6550. The corrective dip was a little shallow just pushing beyond the 38.2% retracement...

JWagnerFXTrader Jun 22, 2023

Bitcoin has been respecting these horizontal support and resistance levels. A couple of things to note. 1. The horizontal levels are equidistant...meaning the percentage distance between each level is the same. 2. At $30k, this is a strong level that goes back to 2021 when crypto first started to collapse. This would be an important level to take and hold. ...

JWagnerFXTrader Jun 20, 2023

There appears to be a diagonal pattern that completed at the recent low in bitcoin. There are 2 ways to count this. Leading Diagonal: Pictured above is a leading diagonal. This implies a corrective rally. Corrective waves appear in three-wave structures. It appears the first wave is complete. Expect some softening back to $26,250 and possibly as low as...

JWagnerFXTrader Jun 8, 2023

If AUDUSD dribbles a little higher, then reverses before reaching .6780, that would make a strong case for a completed bullish impulse wave with an extended wave 1. Then, after a brief setback that carries back to the price territory of the previous 2nd wave, another strong bullish run would ensue. This pattern is very specific and suggests AUDUSD would need to...

JWagnerFXTrader Jun 6, 2023

Bitcoin's bounce from today's low of $25,351 is significant. Clearly, the April-May decline is a series of Elliott wave zigzags. This means we can narrow down the Elliott wave possibilities to either: 1) double zigzag labeled (w)-(x)-(y) 2) the beginning of a diagonal pattern (i)-(ii)-(iii) From an Elliott wave perspective, there are 2 wave relationships...

JWagnerFXTrader May 30, 2023

Earlier today, EURUSD spiked down in what appears to be the final wave of a now completed Elliott wave impulse pattern. This completed impulse is a fractal to a larger Elliott Wave pattern. We are unsure right now whether the completed impulse was wave ((iii)) of a larger impulse, OR, if the completed impulse was wave ((c)) of C of a triangle. Either way, a...

JWagnerFXTrader May 12, 2023

Using Elliott Wave Theory as our guide, the minimum waves are in place to suggest Bitcoin is about to take on a nice rally. The decline from the April 13 high down to today's low fits really nicely as an (a)-(b)-(c) zigzag. Wave (b) of the zigzag was a triangle pattern. Wave (c) was equal in length to wave (a) of the zigzag, a common wave relationship. If this...

JWagnerFXTrader Jan 25, 2023

This intraday chart on $SPY illustrates a bearish 5-3 Elliott wave pattern. There was a bearish impulse wave in the last part of December. This was followed by a bullish w-x-y double zigzag. Wave relationships appeared near $402 which is where SPY reversed. If this pattern plays out, then SPY would likely reach $375 in the next few days while holding below the...

JWagnerFXTrader Jan 23, 2023

The Elliott wave pattern from the 2020 high to the 2022 low could be viewed as an A-B-C flat pattern. As a result, the rally could be the beginning of a new uptrend in wave 1 of 5; OR The 2022 rally is viewed as a connector 'X' wave that will connect with another corrective pattern. I'm looking at $2,000/oz as being a zone where a bearish reaction may appear...

JWagnerFXTrader Jan 18, 2023

The Crypto Fear & Greed Index is a sentiment measure of the crypto market. The index is at its highest level since April 2022 and has made a tremendous rebound in just a couple of weeks in 2023. The problem is that sentiment is a contrarian indicator. The index has pushed to a multi-month high while price has yet to forcefully push to higher highs. In fact,...

JWagnerFXTrader Jan 17, 2023

$MATIC has held up well over the summer of 2022 while the rest of crypto fell. Here are 2 possible counts I'm considering that imply another rally. The first is a triangle pattern (black labels) and the second is a w-x-y combo (blue). If its the triangle, this rally is wave (d), then a brief setback in wave (e) that leads to a powerful rally. If its the combo,...

JWagnerFXTrader Jan 16, 2023

It appears DXY is nearing the end of a down wave. If the blue count above is correct, then DXY is poised to rally back to 106-108. I can count the minimum waves in place for the downtrend to be completed. There might be another jab lower, but this downtrend is mature and in need of a bounce. Pricing above 105.05 increases the odds this Elliott wave count is...

JWagnerFXTrader Jan 5, 2023

Gold prices appear to be forming an Elliott Wave diagonal pattern. This pattern is confirmed on a break down below the support trend line near $1820. If this is a leading diagonal, then a correction to $1710 is considered the next "normal" move. If this is an ending diagonal, then a correction to below $1620 would be expected. This pattern is valid so long as...

JWagnerFXTrader Dec 16, 2022

Crude oil is falling in a 'C' wave that likely reaches $62 or lower levels. The 'C' wave will likely take on a motive structure (impulse pattern or ending diagonal). Once the final low is printed, then crude will rocket up to new all-time highs. If the decline in wave 'C' is not a motive structure, then it will be a big clue that it is wave 'C' of a large...