JWagnerFXTrader

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...

JWagnerFXTrader

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

$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

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

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

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...

JWagnerFXTrader

The rally in BTC begins to breathe new life into crypto. The top at today's $45k does push the bounds that Bitcoin is still inside of a smaller triangle pattern. If indeed BTC is still grinding through a bullish barrier triangle, then a corrective dip will need to begin immediately that carries BTC back down to $41k. A print above $45,426 suggests the triangle is...

JWagnerFXTrader

Bitcoin's path is predicated on it's near-term movements. There are two Elliott wave models we are following. The first one suggests Bitcoin will continue correcting lower from nearby levels. This correction likely retests the Jan 24 low. This model suggests Bitcoin has rallied in a small degree wave and will correct lower in a small degree wave . The...

JWagnerFXTrader

HBAR is the 33rd largest coin/token by market capitalization. Using Elliott Wave Theory as our guide. $HBAR spent 2020 rallying in wave 1 and correcting in wave 2. Then, in the early days of 2021, HBAR rallied in wave ((iii)) of 3 driving it up near $0.40. The high registered in H2 2021 was the end of minor wave 3 and arrived at the 1.618x wave 1 relationship...

JWagnerFXTrader Updated 

FTT has rallied then declined in a 5-3 Elliott wave pattern. In Elliott wave terms, when you have a five-wave advance followed by a three-wave decline, most times, it is followed by another five-wave advance. From June 2021 to the Sept 2021 high, prices rallied in a five-wave impulse pattern. Then from September 2021 to the December 2021 low, a three-wave...

JWagnerFXTrader

USDJPY found a top in November from a wave going back to the beginning of 2021. The rise from January 2021 was an ((a))-((b))-((c))- zigzag pattern. The ((b))-wave of the zigzag was a triangle pattern. From there, the ((c))-wave busted higher with wave (v) of ((c)) taking the shape of an ending diagonal. The uptrend culminated into a final wave of multiple...