ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
7th February 2026 - U.S. technology stocks have had a hard week following corporate earnings from heavyweights Alphabet/Google, Amazon and AMD - Alphabet/Google declined from a high of 350.15 to 306.92 (-12%) ###whilst the others declining double-digit percentages from price levels trading just before their announcements, Amazon (-14%) and AMD (-21%) – see reports dt. Jan.24th, Jan.30th and 4th February. Thursday’s sell-off always had the potential of finishing a shorter-term correction because of incomplete zig zag rallies in the S&P 500 and Nasdaq 100 from November’s lows – despite some wobble, the indices have found support above those November lows, turning sharply higher today as confirmation of higher-highs ahead. This will enable some... Read full summary in our latest report!
Currencies (FX)
7th February 2026 - Some US$ dollar currency pairs have completed short-term 1st wave declines within the backdrop of dollar strength although this isn’t so obvious against all the currencies, particularly the### Euro. The US$ dollar index has completed five waves up from January’s 95.55 low at 97.98 as a 1st wave and is undergoing a short-term 2nd wave correction. These represent the first two waves of minor wave c.’s developing impulse upswing within intermediate wave (2)’s expanding flat correction. Targets remain towards 102.96+/-. The inverse but corresponding decline in the Euro/US$ from January’s high of 1.2082 hasn’t quite developed into five waves to the downside, although the downtrend remains intact as minor wave c. Stlg/US$ has completed... Read full summary in our latest report!
Bonds (Interest Rates)
7th February 2026 - Today’s non-farm-payrolls were due around 67k but the data release has been delayed due to the government shutdown and will instead be published February 11th. There’s a battle### ###going on in the US10yr yield below January’s high of 4.312 which completed a double zig zag rally from last October’s low of 3.934 – remaining below secures the next downside acceleration although any upside break extends intermediate wave (2)’s correction for a retest back to last May’s high at 4.627+/-. The European... Read full summary in our latest report!
Commodities
7th February 2026 - Both gold and silver are engaged in corrective zig zag downswings from their respective January highs as intermediate wave (4) of primary wave 3. Last week’s sharp declines completed minor### wave a. of those zig zag patterns although minor wave b.’s upside rallies are different between these two precious metals – gold is unfolding higher as an outperforming double zig zag with more gains expected next week – silver’s minor wave b. is unfolding into an expanding flat, which explains why it broke below last Monday’s low overnight, the second sequence of the expanding flat – the finalising third wave of this pattern is also heading higher, matching gold, recouping a large percentage of minor wave a.’s declines ahead of another collapse in wave c. afterwards. The U.S.’s virtual embassy in Iran issued a security alert earlier today urging American citizens to ‘leave Iran now’... Read full summary in our latest report!
