ELLIOTT WAVE ANALYSIS - Latest Market Commentary

Stock Indices
15th January 2026 - Several major U.S. banks have reported their latest quarterly earnings this week – results from JP Morgan, Bank of America, Citigroup and Wells Fargo are in, mostly upbeat with increasing revenue### although most are trading lower after the news. The KBW Banking index features in tonight’s report showing a strong five wave impulse uptrend developing from the April ’25 low of 99.68 although the first wave subdivision of the larger 3rd completed at 172.98 last week with a deep second wave correction underway, which explains why most of the banks are trading ... Read full summary in our latest report!

Currencies (FX)
15th January 2026 - A static US$ dollar index at the moment with little movement although other currency pairs are hinting of dollar strength emerging from this month’s early gains. AUD/US$ has already declined into an ###intra-hourly five wave pattern from January’s high with a correction finishing yesterday – that means more declines ahead - weakness for the Aussie = U.S. dollar strength. It heightens the probability of a more direct upward continuation in the dollar index from December’s pullback low of 97.75 as minor wave c. towards 102.95+/-. Furthermore, peripheral US$ pairs like US$/MXN, US$/PLZ and US$/NOK are approaching the downside completion of five waves from their Jan.’25 peaks which now require multi-month... Read full summary in our latest report!

Bonds (Interest Rates)
15th January 2026 - CEOs from top Wall Street banks JPMorgan Chase and BNY voiced support for the independence of the U.S. Federal Reserve, days after the Trump administration opened a criminal investigation into Fed ###Chair Jerome Powell. Despite the mechanism of restraint in cutting rates, the US10yr yield headed lower tonight although more is required to annul the possibility of an upside test towards resistance at 4.340+/-...Read full summary in our latest report!

Commodities
15th January 2026 - Gold has broken above last week’s resistance at 4550.06 this week adding another wave sequence into the advance from October’s low of 3886.62, changing three waves into five. This means the### final upswing of minor wave v. five, of intermediate wave (3)’s uptrend is still working higher – tonight’s price is just below resistance at 4691.00+/-. Silver has once again broken more immediately to a higher high although this latest advance from the late-December low of 70.08 has unfolded into a clearly definable three wave sequence that is also measured proportionally as... Read full summary in our latest report!

