ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
6th June 2026 - Technology stocks were hit hard today with the benchmark Nasdaq 100 declining by -5% per cent, led by a sharp sell-off in semiconductors. This wasn’t a huge surprise though – we had forewarning of ####reversal downswings last week in the analysis of Advanced Micro Devices and Micron Technology which were both completing intermediate wave (3) uptrends that began from their April ’25 lows. But it was also Broadcom Inc.’s latest quarterly earnings that triggered today’s downside acceleration as the company missed revenue expectations. The S&P 500 is now down -3.5% per cent from last Monday’s high whilst the Nasdaq 100 is down over -6% per cent. This ... Read full summary in our latest report!
Currencies (FX)
6th June 2026 - The US$ dollar index has traded strongly higher today as U.S. technology stocks sold-off sharply by -6% - both events were expected, but more importantly, it confirms the existing negative-####correlation remains constant. That’s important going forward, because the US$ dollar is now established on its 3rd wave path higher, within minor wave c.’s ending-diagonal pattern that began trending higher from January’s low of 95.55. That translates into more dollar strength directly ahead. It also means the G7 currencies will continue their inverse declines as ... Read full summary in our latest report!
Bonds (Interest Rates)
6th June 2026 - U.S. technology stock finally began their expected correction with downswing acceleration today, having begun to slip lower more gradually earlier this week. As commented in recent weeks,### correlations between the different asset classes has been constant over the past months, negative-correlation with stock markets and government bond yields, positive-correlation between the US$ dollar and bond yields. We were hoping that the US10yr yield would complete a short-term pullback towards 4.340+/- before stock markets rolled-over to the downside because this would have completed a running flat correction as minor wave ii. two, corresponding to... Read full summary in our latest report!
Commodities
6th June 2026 - Gold accelerated lower today as U.S. technology stocks sold-off sharply following a disappointing earnings report from Broadcom Inc. with semiconductor stocks leading the declines. This latest decline### in equites was long-overdue and its positive-correlation with precious metals has remained constant, as has gold’s negative-correlation with the US$ dollar which attracted safe-haven buying today which added further downward pressure in gold and silver. These latest developments are expected to continue next week, i.e. higher US$ dollar, lower precious metals and stock ... Read full summary in our latest report!
