ELLIOTT WAVE ANALYSIS - Latest Market Commentary

Stock Indices
13th December 2025 - After some hesitant reaction following Wednesday’s Federal Reserve -25bps rate cut, the major indices finally decided to trade higher through today’s session as the accompanying statement### was surprisingly dovish despite two dissents that favoured holding rates unchanged and several non-voting local Fed presidents voicing the same hawkish opinion. The dot.plot for next year varied dramatically, although consensus is that only one maybe two 25bps cuts will follow in 2026. Meanwhile, Oracle Corp. slightly missed sales estimates but the equity price declined -17% today – Broadcom Inc. announced its latest quarterly earnings tonight – the share price hit our upside target of 420.90+/- trading to 422.00 after-hours but... Read full summary in our latest report!

Currencies (FX)
13th December 2025 - The US$ dollar index has pulled lower following Wednesday’s Federal Reserve rate cut but more because of its accompanying dovish statement which was somewhat a surprise, given recent warnings### of sticky inflation readings in the U.S. services sector. The US$ dollar index traded down to 98.13 from November’s high of 100.36 although it tested some important support levels today which, if held, can complete a 2nd wave correction, heightening the probability of a resumption of dollar strength for the next few months. A corresponding but inverse corrective advance has unfolded for the Euro/US$, ending today from November’s low of 1.1469 at 1.1762 – should it turn lower Friday, it’ll raise the probability for the Euro/US$ to continue lower across new year. Stlg/US$ has reached maximum upside targets of 1.3438 today in completing a 4th wave correction from November’s low of .... Read full summary in our latest report!

Bonds (Interest Rates)
13th December 2025 - The Federal Reserve confirmed expectations of a -25bps interest rate cut at Wednesday’s meeting but came up with a surprisingly dovish call in its press conference. The reaction immediately### afterwards was apparent – the US10yr yield traded lower from 4.208 extending lower today to 4.100 although declining in five waves as the concluding sequence of a short-term expanding flat pattern that began from Monday’s high of 4.191. This suggests the dovish sentiment has already faded with the yield now heading ...Read full summary in our latest report!

Commodities
13th December 2025 - Gold and platinum remain below their October highs which ended gold’s intermediate wave (3) at 4379.88 and platinum’s cycle wave A advance that began from April’s low. Silver is currently#### attempting to complete intermediate wave (3)’s corresponding high that began from April’s low too, although incomplete, but approaching upside targets towards 68.17-93+/-. Once completed, a more significant decline can then begin a synchronised correction for gold and silver’s intermediate wave (4). Wednesday’s latest EIA weekly petroleum inventories report showed a modest decline of -1.8mn barrels following a gain of 0.6mn the previous week – nothing too impactful – the ...Read full summary in our latest report!

