ELLIOTT WAVE ANALYSIS - Latest Market Commentary

Stock Indices
16th July 2026 - It’s quarterly earnings season and some of the big U.S. banks were reporting yesterday - JPMorgan Chase, Citigroup, Goldman Sachs, Bank of America and Wells Fargo figures were strong although### markets reacted indifferently with modest gains in share prices of +1.7% to larger losses of -4% per cent. This was somewhat mitigated by the market’s reaction to Tuesday’s weak U.S. CPI reading of 3.5%, down from expectations of 3.8% - this followed Monday’s hawkish comments from Federal Reserve Governor Christopher Waller who said policymakers may need to raise interest rates in ... Read full summary in our latest report!

Currencies (FX)
16th July 2026 - The US$ dollar index has broken below nearby support at 100.55 following Tuesday’s weak U.S. CPI inflation data which came through lower than expectations of 3.8% at 3.5%. This is now too low to### attempt a slightly higher wave 3 completion which means wave 3 has instead finished at the existing high of 101.80. Wave 4’s correction now underway towards the fib. 61.8% retracement area of 99.20+/-. Equally, the Euro/US$’s recent low at 1.1325 is now considered as ending minute wave 3’s decline from 1.1849 – wave 4 in transit higher towards 1.1583+/-. Stlg/US$ ripped higher again which is ... Read full summary in our latest report!

Bonds (Interest Rates)
16th July 2026 - The US10yr yield traded into upside targets of 4.642+/- to 4.635 ahead of Tuesday’s weak U.S. CPI inflation data which came through lower than expectations of 3.8% at 3.5%. And the immediate response### caused a sudden decline, trading down to 4.520 which was perfect timing, confirming the upside completion of a corrective a-b-c expanding flat as minor wave ii. two. This adds confirmation to the continuing downtrend of primary wave C. Despite a lower U.S. CPI inflation rate causing a reversal-decline in ... Read full summary in our latest report!

Commodities
16th July 2026 - The negative-correlation between precious metals and the US$ dollar has provided clear insights to gold and silver’s direction, movement and pattern development over the last several months### although that consistency broke down during the last couple of days as the US$ dollar declined sharply on weaker-than-expected U.S. CPI inflation data whilst gold and silver actually declined in the aftermath of the data release. It’s not clear if this is simply a short-term aberration or not –... Read full summary in our latest report!

