ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
9th July 2026 - The S&P 500 and Nasdaq 100 have both traded lower today, having previously exhausted last week’s upside rallies. We can now see three declining highs from the early-June peaks, an indication that### prices are seeking to roll-over to continue zig zag corrections that began last month. A check on the Mag-7 MAGS-ETF shows a completed five wave decline from May’s high of 71.16 ending into the end-June low of 60.72 – a corrective rally has since traded back to resistance at ‘fourth wave preceding degree’ although no obvious, visible three wave structure so far. Importantly, European indices hit upside targets that show March’s impulse patterns... Read full summary in our latest report!
Currencies (FX)
9th July 2026 - The US$ dollar’s trading higher this week although its intraday movement is a little sticky. Ideally, the dollar would continue more immediately higher to complete the 3rd wave within### January’s developing five wave diagonal pattern towards targets of 101.97+/- although this week’s gain is fragile with no strong momentum behind it. Caution is advised. That said, inverse gold and silver have reversed lower at appointed price and timing levels, so this should support the idea of the US$ dollar staging one further push higher. Equally, currencies like the Euro/US$ and Stlg/US$ are still some way off completing their declines to finish... Read full summary in our latest report!
Bonds (Interest Rates)
9th July 2026 - The Federal Reserve ‘minutes’ from its meeting two weeks ago were released today - Federal Reserve officials were split last month about the future of interest rates, with policymakers### entertaining scenarios in either direction - in Kevin Warsh’s first meeting as chairman of the FOMC participants saw outcomes where inflation could ease and allow lower rates, while others envisioned a scenario where price increases stay elevated and lead to hikes. The US10yr yield is trading higher on rising inflation concerns triggered by... Read full summary in our latest report!
Commodities
9th July 2026 - Gold has turned lower having traded up to 4202.65 during Monday’s session – this was a little short of idealised targets to 4253.25+/- although enough to qualify the upside completion of minuette### wave [a]’s rally that began from the end-June low of 3944.81 – wave [b] has now begun the next decline to modest lower lows as the second sequence of minute wave 4’s developing expanding flat pattern. Silver is still continuing lower as minute wave 3’s double zig zag decline – it’s in a final approach to downside targets of 50.75+/-. Crude oil was already forewarning of a... Read full summary in our latest report!
