ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
25th July 2026 - The financial landscape has changed in a blink of an eye – as markets grew accustomed to the ongoing Middle East conflict, they began discounting further hostilities as mere skirmishes against the### backdrop of ongoing U.S.-Iran peace talks. What was seen a counter-trend rallies in Crude oil from July’s low suddenly gained pace, negating developing downtrends as the conflict widened to Yemen with blockades of sea transport in the Arabian sea. That has had knock-on effects across U.S. interest rates too – the US10yr yield broke above May’s critical overhead resistance, tilting the scales towards a prolongation of existing uptrends from March’s lows. That all bodes ill for the stock market – we already knew of the potential downside ... Read full summary in our latest report!
Currencies (FX)
25th July 2026 - Crude oil’s surging advance through Thursday’s session helped the US$ dollar’s recent advance to push onwards despite some retracement during today’s session. The dollar remains on-track to ###continue higher next week, heading into long-awaited upside targets of 101.97+/- as the completion of minute wave 3’s [a]-[b]-[c] zig zag advance that began from May’s low of 97.62. We wonder if 101.97+/- will be enough to finish this zig zag advance because corresponding wave 3 declines in the Euro/US$ and especially Stlg/US$ are further away from completion. For the moment, at least, we’d like to see how the dollar behaves once this nearby upside ... Read full summary in our latest report!
Bonds (Interest Rates)
25th July 2026 - Alarmingly, the US10yr yield broke above the May resistance of 4.685% trading up to 4.713 during Thursday’ session – that doesn’t seem much of an intrusion higher except that May’s high was the### de-facto completion of primary wave B’s triangle pattern that had begun 2½ years previously. It has the effect of changing that triangle into an upside prolongation of primary wave B, into an expanding flat instead, tipping the probability scales in the direction... Read full summary in our latest report!
Commodities
25th July 2026 - With the US$ dollar higher, energy prices higher, and now interest rates heading higher, precious metals are set to resume lower. Gold ran up to 4166.11 earlier this week on bargain hunting from ###Asian investors but Thursday’s decline to today’s low of 4022.14 is reconfirming the next decline towards targets of 3900.00+/- has begun. Silver has similarly traded higher earlier this week on speculative buying, but Thursday’s sell-off has since confirmed lower-lows lie just ahead with the downside completion of minute wave 3 approaching completion towards 50.75+/-. The widening of the conflict in the Middle East has extended Crude oil’s run higher from July’s low of 67.04 above key resistance levels that are inconsistent with original forecasts for a continued downtrend. A 180 degree turn is uncomfortable, but a necessary change for cycle wave B’s ongoing correction that began from the March ’22 high of 130.50. It’s incredible to think that even into last December’s low of... Read full summary in our latest report!
