JWagnerFXTrader

JWagnerFXTrader

Russell 2000 (RUT) is an index of 2000 stocks. It can be seen as a barometer on the health of the US economy as mid-size and smaller companies are included in the index. RUT has been declining in an impulse wave. The decline was not deep enough to count a completed wave from the all-time high. Today, the price is rejecting the underside of the trend line that...

JWagnerFXTrader

SP:SPX has aggressively sold off lately but appears only to be in wave iii of (iii). This implies more downside to come and rallies would be temporary. SPX likely finds some relief after reaching $3500. The trend appears firmly planted to the downside.

JWagnerFXTrader

TSLA has a really nice downtrend developing that is adhering to the Elliott Wave patterns. This week's low reached the 1.618 extension of the previous down move. This week's low might be the end of a 3rd wave (or the end of a C wave as an alternate). I'm leaning towards the 3rd wave ending, followed but a sideways triangle as a 4th wave. Then, the 5th wave lower...

JWagnerFXTrader

The rally from $1824 appears to be an Elliott Wave impulse pattern. As a result, a decline back to $1936 or even $1892 would be considered 'normal' under Elliott Wave Theory. The decline likely hold below the recent high of $2009, but it doesn't have to. If Gold does rally above $2009, then we'll review the wave pattern to discern what adjustments are...

JWagnerFXTrader

I see a lot of people getting excited about bullish trends emerging within crypto. Yes, I would love to see crypto move higher...but hope and reality are often separate. When I analyzed the price trends for ETH, a significant development occurred this week. Price broke below the blue trend line that has been in force since June 2022. The break suggests the...

JWagnerFXTrader

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 

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

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

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 

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

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

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

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

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

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

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

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

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...