ELLIOTT WAVE ANALYSIS - Latest Market Commentary

Stock Indices
21st May 2026 - Last Friday’s assessment of the S&P 500 was that its end-March/early-April five wave impulse advance from 6353.25 had completed the entirety of sub-minuette wave (i) into last Thursday’s high of### 7540.00, just shy of idealised fib-price-ratio upside targets of 7569.00+/-. So far though, the decline from 7540.00 has unfolded into only a three wave sequence completing earlier today (Wednesday) at 7354.25. This has opened-up the probability of prices reaching modest higher-highs during the next several trading days, an upside test of original targets at 7569.00+/- ahead of beginning a far larger correction to... Read full summary in our latest report!

Currencies (FX)
21st May 2026 - The US$ dollar index has pulled a little lower over the last couple of days as negatively-correlated stock indices reverse higher following short-term corrective declines that began last ###Thursday, ending earlier today (Wednesday). Hints from U.S. president Trump that peace negotiations with Iran are progressing has changed sentiment although we’re not expecting this to last more than a week, perhaps two. The US$ dollar index is working its way higher within its diagonal’s 3rd wave which means today’s pullback shouldn’t last more than several days before resuming higher. It’s the same although inversely for the Euro/US$ where its 3rd wave ... Read full summary in our latest report!

Bonds (Interest Rates)
21st May 2026 - Last Friday’s report took a first look at alternate count #1a’s pattern development in the US10yr yield, projecting intermediate wave (C)’s five wave advance from March’s low of 3.924 to much ###higher levels than in count #1, towards 5.131+/- sometime during the next couple of months or so. So far though, preferential count #1’s upside targets traded today at 4.685 and then began to decline, so remains valid. That said, if cross-asset correlations remain consistent, with the further... Read full summary in our latest report!

Commodities
21st May 2026 - The gold/silver ratio ended primary wave B’s corrective downswing that began from February’s high of 72.21 into last week’s low of 52.70 – the latest advance (widening/silver underperforming) has### since taken the ratio up to Monday’s high of 60.89 whilst unfolding into five waves – this confirms the beginning of primary wave C’s next impulse advance towards min. 87.65+/-. Shorter-term though, a corrective downswing is necessary before the ratio can widen again – this corresponds inversely to bullion gold and silver prices – they ended five waves down from last week’s highs into today’s lows and are currently heading higher as a short-term correction ahead of further ... Read full summary in our latest report!

