ChartWizardTrading

ChartWizardTrading

Like FOREX pairs, commodities are often very long to correct and have blow off tops. While I'm not certain on the long term count, I can isolate a highly probable next move in a flat pattern visible clearly on the daily timeframe. Where that flat pattern fits in to the bigger picture doesn't much matter. As Elliotticians, we want to "catch the three." As in, wave...

ChartWizardTrading

This chart of long term treasury bond futures indicates an impulsive move off of the October 2023 low. Since that impulse topped out in a first wave (or an A wave), price has retraced very nicely into the expected depth of correction guideline of the fourth wave of lessor degree. The correction unfolded as a double zigzag that met a the alternate wave guideline of...

ChartWizardTrading

The reaction down from the medium term high at $126.39 subdivides as a double zigzag. Giving confidence that it was a corrective move and not motive. The reaction from $78.87, the end of the double zigzag, subdivides nicely as an impulse. In the near term, a impulsive channel has broken in a decline which is expected to subdivide as a zigzag. The guideline of...

ChartWizardTrading

Similar to that of Gold, Silver is also in an extreme bullish Elliott Wave formation. While alternate counts exist, I’ve learned over my time practicing as an Elliottician to take what the market gives you. Manage your risk and co spider the setup as a potential 1-2-1-2 entering the third of a third wave. The risk reward ratio for Silver has rarely been more lopsided.

ChartWizardTrading

This is the most bullish potential for gold that exists. The traditional 1-2-1-2 Elliott wave pattern has never been more clear than it is right now for Gold. The potential for the glorious “third of a third” is explosive move to the upside is imminent. There are alternate counts, of course, but from a trading perspective, it’s hard to pass up an opportunity that...

ChartWizardTrading

I was forced to relabel my interpretation of the Russell 2000 after the July 2023 high was broken. The structure is now labeled as a regular flat primary B wave correction that is either complete, or nearly complete. The next wave down should be rather fierce, as C waves tend to be. Wave C will decline in 5 waves to meet the depth guideline near the terminus of...

ChartWizardTrading

The US Dollar index crashed through the local low putting into doubt the long term count we've relied upon for over a year. The next probable market action on the daily chart sports an impulsive A wave down from the September 2022 high. The index spent the time between February and October 2023 carving out an expanded flat B wave. Since wave B ended in October,...

ChartWizardTrading

The previous primary count for the DJIA is invalidated. It's hard to believe but the market continues to advance on a narrow list of stocks. There is not a way label an analytically pleasing 5 wave move from the October 2022 low. Therefore, the next count remains corrective. Elliott described B waves as phonies, orgies of odd lotter mentality, rarely technically...

ChartWizardTrading

This is the last chance for the dollar index. The current low must hold or I will be forced to label the move down from the high as an impulse since a quadruple zigzag does not exist. If so, 5 waves down can only be the beginning of something mush larger to the downside.

ChartWizardTrading

A likely bottom has been found for the US Dollar Index. I'm labeling the down trend as a triple zigzag. It subdivides the easiest, although other labeling techniques are also acceptable. More importantly, the second wave has retraced a Fibonacci 61.8% from the high. A guideline for a second wave retracement which sports a zigzag or zigzag combination pattern. The...

ChartWizardTrading

Bitcoin is nearing the end of primary wave 2 of cycle wave A of supercycle wave 2. Primary wave 2 has taken the form of a zigzag. which would indicated a future 4th wave of the same degree to unfold as a sideways correction. From the beginning of the Bitcoin price record, the crypto king has carved out a standard impulse wave. Cycle wave 1 was extended, meeting...

ChartWizardTrading

The US Dollar Index has found a bottom before it continues it's historic rise. Since July 18th, the dollar issued a massive 12 week rally resulting in an impulse wave with both a third and a fifth wave extension. The resulting correction, labeled as wave 2, appears to be finished, or very close to finished. Wave 2 carved out a double zigzag that has perfect...

ChartWizardTrading

After the October 6th bottom, I've been waiting for the impulsive structure to break and give us a 3 wave retracement for wave 2. It appears that correction is now complete in the form of an expanded flat. A very common pattern following a strong impulse. Since an impulse ended on October 20th with a third wave extension, the flat pattern traced out a zigzag...

ChartWizardTrading

There is great potential that the 30 year T-bil futures have bottomed. This chart is a micro count version of the final 5th wave of primary wave 1. Depicted as a legal impulse consisting of an expanded flat correction for minor wave 2. Wave 3 is longer than wave 1, so the length rule is satisfied. Minor wave 4 is labeled as a contracting triangle whose internal C...

ChartWizardTrading

For the past decade plus all the way to 2021, Bitcoin carved out a massive impulse for the ages. Starting from nothing and ending around $70,000. Alas, all good things come to an end. While their are certainly bullish cases to be made, this count is in actuality, the most bullish. Although people won't accept it for that. The count assumes a cycle degree wave 1...

ChartWizardTrading

The S&P 500 index gapped open today and in the process invalidated a zigzag correction. Probability now greatly favors that the structure is the beginnings of an extended impulsive decline to fresh new lows for the cycle. Bear in mind, this is a futures chart. The purple line is a contract break, while it appears that wave 2 exceeded the start of wave 1 in the now...

ChartWizardTrading

There are exactly 7 stocks holding up the entire US stock market. Those assets include Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. What I’ve done here is created an index chart that enables an Elliott Wave count of all 7 assets combined. The all time high was printed in November 2021, along with the rest of the major stock indexes. Since then,...

ChartWizardTrading

As we inspect the value of the Dow Jones Industrial Average against the value of real money (Gold), we find that the purchasing power of the US Dollar is equal to that of the 1929 stock market peak. Meaning that people are no more wealthy now than they were nearly 100 years ago. Notice, that I’ve take the last known value of the dollar against gold at $1=20.67ths...