ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
27th November 2025 - In Bank of America’s latest client-flow data they show hedge funds and institutional investors stepped in to buy last week’s equity dip even as outflows from the technology sector hit multi-###year extremes. The S&P 500 fell -1.9% last week, yet overall client flows turned positive as heavy exchange-traded fund (ETF) inflows outweighed continued selling in single stocks - clients added $4.8 billion to equity ETFs, marking a sixth straight week of buying. Single stocks, however, saw $3.2 billion in outflows, extending a four-week streak. Meanwhile, looking across U.S./European indices and equities, we again see disparative performance resulting in very different wave pattern development. Within the MAG-7’s, Amazon is down -10% from its early-November high, Microsoft -16% from its late-October high and Meta/Facebook -27% from its August high. The outperformers should be watched – they are ... Read full summary in our latest report!
Currencies (FX)
27th November 2025 - Today’s latest Personal Income/Outlays and inflation PCE data has once again been delayed ahead of Thursday’s U.S. Thanksgiving holiday. The US$ dollar index has pulled away from the previous### week’s high of 100.39 heightening the probability of a continued downswing labelled wave [c] of a developing short-term expanding flat. Downside targets remain unchanged towards 98.15+/-. The Euro/US$ is engaged in a short-term corrective rally heading for 1.1728+/- ahead of downside acceleration whilst Stlg/US$ is testing nearby overhead resistance at 1.3260+/- although in overall downside progress from September’s secondary high of 1.3726 targeting 1.2757+/- by early new ... Read full summary in our latest report!
Bonds (Interest Rates)
27th November 2025 - Over the weekend, New York Fed President John Williams called for a rate cut in December - traders took little time in repricing a 67.3% chance for a 25 basis point cut in December, a sharp### reversal from the 39.8% probability seen last week. The US10yr yield’s advance from October’s low has only unfolded into a three wave zig zag into the early-November high of 4.161 which can result in a lower completion of its short-term 2nd wave rally – risk of downside 3rd wave acceleration. Monday’s Ifo sentiment survey came though around expectations of 88.1 although the business expectations component was lower at 90.6 from expectations of 91.3 – and Tuesday’s Q3 German GDP came through at 0.0% for the quarter, ...Read full summary in our latest report!
Commodities
27th November 2025 - Gold’s short-term upside correction has continued this week with last week’s upside target towards 4159.20+/- being tested today – this can extend a little higher towards 4185.45+/- although it’s ###not necessary with today high trading to 4173.32 already showing signs of completion ahead of next declines. Silver is close to completing a short-term expanding flat correction that began lifting prices higher from the mid-month low of 49.36 as minuette wave [ii]. Last Friday’s report forecast wave (c) of this expanding flat higher towards 52.94+/- with tonight’s high at 53.33. The latest EIA Petroleum report showed a modest increase in inventories over the last week, of 2.8mn barrels. It’s helped pull Crude oil prices slightly ...Read full summary in our latest report!
