ELLIOTT WAVE ANALYSIS - Latest Market Commentary
25th March 2017 - It seems that Donald Trump’s attempt to dismantle the Affordable Care Act (Obamacare) is heading for a road bump in his first major push for a policy review since taking office. Ahead of a House of Representatives vote### timed for 3:30pm (Washington, D.C), 19:30pm GMT, Speaker Paul Ryan informed the President that his Republican party did not carry sufficient votes to pass the bill. The White House was quick to remind everyone that failure to overturn the ACA should not be paired with upcoming tax reforms. The benchmark S&P 500 index was drifting lower after the news but was mostly unchanged from mid-week levels. None of this changes the short-term Elliott Wave counts that depict a counter-trend zig zag correction unfolding lower from this month’s high of 2401.00 (futures). Downside targets are approaching… Read full summary in our latest report!
25th March 2017 - The US$ dollar index weakened slightly following Friday’s last-ditch attempt to pass the vote for changes to the U.S. Affordable Care Act (Obamacare). Should a resulting break below the early-February low occur, it would significantly ###enhance the probability that January’s high of 103.82 ended the dollar’s 8-year upward cycle that began from the March ’08 low. But this won’t be the case until the 99.24 low is exceeded. The equivalent upside resistance for the Euro/US$ is at 1.0829 so we await either rejection or a conclusive break. Should these critical levels get broken, we shall adopt a bearish US$ dollar stance against the major G4 currencies – but there is a caveat which could delay this more immediate…Read full summary in our latest report!
Bonds (Interest Rates)
25th March 2017 - U.S. T-Note prices rallied last Friday as doubts over President Trump’s healthcare reforms grew as Speaker Paul Ryan informed the President that his Republican party did not carry sufficient votes to pass the bill. The US10yr ###yield declined accordingly to 2.392 and insodoing, isolated the preceding upswing from last week’s low of 2.373 as ending a corrective zig zag rally. It maintains downward momentum within a developing five wave impulse pattern that began from the mid-march high of 2.631%. This latest action is also confirming the larger zig zag pattern… Read full summary in our latest report!
25th March 2017 - Gold has reached its short-term upside target earlier last week as it ends a five wave expanding-impulse pattern from the March low of 1194.85 into the high at 1253.21. This opens the way for a downward correction### to begin this coming week but it’s dangerous to imagine anything other than a minor pullback before prices surge higher. This is because each correction that has unfolded so far, from last year’s July peak and even the one more recently… Read full summary in our latest report!