ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
15th November 2025 - The Dow Jones futures completed its five wave ending/expanding-diagonal into last Wednesday’s high whilst the Nasdaq 100 has declined below the previous week’s low whilst unfolding in five ###waves from Wednesday’s high. This goes a step further in confirming April’s five wave uptrends have completed although at slightly different timing dates – the benchmark S&P 500 remains above October’s low and above the previous week’s low and whilst this may, in isolation, allow another push higher, probability now shifts to the downside given the breakdown in the other two indices. The Nasdaq 100 continues to underperform during the latest decline from October’s high with funds selling tech exposure over concerns of excessive cap-ex into Artificial Intelligence. There’s no doubt that AI has a bright future although shorter-term, April’s advances in the Mag-7’s and semiconductor industry does appear to have … Read full summary in our latest report!
Currencies (FX)
15th November 2025 - Wednesday’s report took a look at alternate #2 counts for the US$ dollar index and many of the other G10 dollar currency pairs – they tested the possibility of the dollar finishing wave (2)’s ###upward correction from April’s low of 97.92 at lower levels, into this month’s high at 100.36. The fact that US$/Yen had already reached its corresponding upside targets as its 2nd wave, the US$/CAD reached its 2nd wave upside target and maybe even Stlg/US$ ending its 2nd wave was enough to consider the possibility. That said, two other currencies detract from that idea – the Euro/US$’s correction is far too shallow to finish its wave (2) correction whilst AUD/US$ has a similar correction which is far too small to complete its 2nd wave. So, is there any defining pattern that sheds light to which is correct? Stlg/US$ may provide hints because its decline as minor wave c. from September’s secondary high is an incomplete five wave impulse pattern with overlapping resistance at... Read full summary in our latest report!
Bonds (Interest Rates)
15th November 2025 - No PPI or Retail Sales data today as delays for releasing persist. Meanwhile, a faction of Federal Reserve policymakers has stepped up warnings that inflation progress could slow### or stall, casting doubt over the prospects for another interest-rate cut in December and laying bare a deepening divide at the central bank. Rate traders are now pricing in just a 66% chance of a rate cut at the Fed's December meeting versus 73% yesterday and nearly 95% prior to Powell's surprise hawkish comments. The short-term picture of the US10yr yield shows further gains ahead although by December, we’d expect signs of the larger downtrend snapping back into action. European ECB...Read full summary in our latest report!
Commodities
15th November 2025 - Precious metals declined into five wave impulse patterns from their respective highs traded last month, October but have since completed corrective rallies ending into Thursday’s highs. Gold traded### up to 4245.04 Thursday but has since turned lower to begin another five wave decline targeting min. 3609.00+/-. Silver’s corrective rally formed a double-top within a 9 cent tolerance at 54.39 then declined sharply to 50.06 today, confirming its next five wave decline is underway towards 42.02+/-. Platinum’s rally over the last month from October’s low completed a succinct zig zag ending into Thursday’s high of 1666.00 confirming downside continuation – palladium has also just completed a short-term corrective rally between 1356.50...Read full summary in our latest report!
