ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
17th April 2019 - The latest quarterly earnings results began late last week with Citigroup and Wells Fargo reporting mixed results but much better filings this week by JP Morgan, Bank of America### and today from Morgan Stanley. Wednesday’s indices pushed slightly higher on news that China’s economy had grew at a better-then-expected rate of 6.4% per cent whilst industrial production was 8.5% per cent, higher than consensus estimates of 6.0% per cent. There’s been talk of a ‘melt-up’ in stock markets from Blackrock’s Larry Fink...Read full summary in our latest report!
Currencies (FX)
17th April 2019 - The US$ dollar index is trending lower over the next week or two basis April’s five wave diagonal unfolding lower from 97.51 ending into last week’s low of 96.75. This week’s rally has ###already ended a zig zag correction but there’s an open question whether this could push higher as a double zig zag, or simply turn more immediately lower. The Euro/US$ is equally set to push higher over the next couple of weeks towards 1.1448+/- before resuming its larger downtrend. This shorter-term attempt may be just enough time before the more bearish Euro election news takes hold over the coming month of May and into June. Stlg/US$ is trapped inside a short-term trading...Read full summary in our latest report!
Bonds (Interest Rates)
17th April 2019 - Long-dated treasury yields were pushing higher from last week’s retracement low as part of the late-March counter-trend rally. Although upside targets for the US10yr yield are measured towards 2.680+/-### using fib-price-ratios, Wednesday’s high at 2.616 may just be enough to end the rally and open the next downside risk for a slide towards 2.185+/- over the next couple of months. This would certainly align to the idea of a shift to safe-haven bond-buying triggered by a stock market sell-off. Meanwhile, the German government... Read full summary in our latest report!
Commodities
17th April 2019 - Precious metals are behaving bearishly despite the fact that the US$ dollar is set to decline around 1% per cent over the next week or two, and a stock market correction is about to ###get underway. The internal structure of gold and silver indicates more downward pressure that continues counter-trend declines that began from last February’s highs. Gold’s downside targets are towards 1254.40-43.55+/-. Silver’s downside target is towards 14.26+/-, still some way off. One possible scenario is that some long-liquidation takes hold amidst a stock market sell-off as investors cash in for more liquidity, but once reaching downside targets, precious metals take off to the upside when fresh buyers enter the fray – let’s see. Crude oil which is positively correlated ... Read full summary in our latest report!
