ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
7th November 2025 - The S&P 500 and Nasdaq 100 both extended this week’s declines over the last couple of days although they’re still holding above key short-term support levels outlined in Tuesday’s report and### updated today. Should they hold above during Friday’s session, then one additional push to higher-highs remains the likely outcome. This would satisfactorily complete five waves up from October’s lows. In the event these support levels are breached, it’ll instead shift to a more bearish outlook despite those incomplete… Read full summary in our latest report!
Currencies (FX)
7th November 2025 - The US$ dollar index traded up to 100.36 during Wednesday’s session but has pulled lower today to 99.67 as analysts fret over the prolonged U.S. government shutdown, now the longest in history,### surpassing the previous 35-day record. If the dollar is to continue trending more immediately higher as we expect, then this latest pullback is simply a correction although it must end above the overlap level of wave (i) at 99.13 otherwise a deeper correction would be inevitable. The Euro/US$’s downtrend remains intact below 1.1577 but will continue today’s rally even higher if broken above. Stlg/US$ is a good short-term proxy in confirming direction because its recent decline from October’s secondary high of 1.3471 has undergone ‘price-expansion’ to today’s low of 1.3010 – this is typically characteristic of 3rd wave activity so it does suggest a limited 4th wave upswing at the moment. US$/Yen ... Read full summary in our latest report!
Bonds (Interest Rates)
7th November 2025 - Recent central bank policymakers have commented the intention to hold off interest rate cuts for the time being. Basis the Fed-Watch tool, there’s now only a 69.6% per cent chance of another### 25bps interest rate cut by year-end, dropping from 97% two weeks ago. In Europe, the ECB have made it clear they’ll hold rates for the time being and the latest polls show investors are plotting interest rates slightly above current levels for year-end. The one critical aspect not being discussed is the yields outcome should stock indices suddenly turn down to begin a multi-month correction. That’s … Read full summary in our latest report!
Commodities
7th November 2025 - It’s taken a while, but bullish precious metals sentiment is beginning to fall from October’s peaks, albeit late in the game. JPMorgan bank said today that retail buying of gold has reached a ‘notable plateau’ adding that volume has also declined in retail buying of gold options. Meanwhile, gold’s decline from October’s (orthodox) high of 4379.88### has unfolded into five waves down into the late-month low of 3886.62 confirming a larger corrective decline has begun. Shorter-term, an upward correction is playing out. Silver’s equivalent October high at 54.48 completed a five wave uptrend… Read full summary in our latest report!
