ELLIOTT WAVE ANALYSIS - Latest Market Commentary

Stock Indices
18th June 2026 - U.S. stock indices turned sharply lower tonight following the Federal Reserve’s hawkish dot-plot tilt despite the fact that Fed Fund rates had already priced-in one 25bps rate hike before year-###end. Earlier this week, optimism over the Middle East peace deal had sent the S&P 500 and Nasdaq 100 back towards their early-June highs although importantly, ...Read full summary in our latest report!

Currencies (FX)
18th June 2026 - The US$ dollar index jumped higher today following the Federal Reserve’s decision to hold interest rates unchanged at 3.50-3.75% per cent although it was the hawkish dot-plot tilt that triggered dollar### buying. The dollar’s run higher is part of minute wave 3’s developing double zig zag uptrend where targets remain towards 101.97+/-. Corresponding wave 3 declines are unfolding in the Euro/US$ towards interim levels of 1.1411+/- and later 1.1197+/-. Stlg/US$’s wave 3 declines have interim downside targets towards... Read full summary in our latest report!

Bonds (Interest Rates)
18th June 2026 - The Federal Reserve under their new chairmanship of Kevin Warsh kept interest rates on hold at 3.50-3.75% per cent whilst Warsh outlined a task force being established to look at current central ###bank practices and said policymakers would drop the issuance of forward guidance in the future calling this a ‘new chapter for the central bank’. Separately, the FOMC’s updated Summary of Economic Projections (SEP), or dot plot, projected a federal funds rate at 3.8% at the end of 2026, revised upward from 3.4% in the previous dot plot in March. That implies a 25 basis point rate hike this year. The US10yr yield rallied higher by 8bps although we’re still waiting for... Read full summary in our latest report!

Commodities
18th June 2026 - Gold’s rally from last week’s low of 4024.10 is unfolding into a corrective (a)-(b)-(c) zig zag where wave (a) completed at today’s high of 4382.10 with a late-session sell-off beginning wave### (b)’s correction. A stronger US$ dollar has contributed to this pullback which, when done, will be followed by wave (c)’s next rally towards 4511.00+/-. Overall though, gold remains ...Read full summary in our latest report!

