ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
2nd May 2026 - Apple Inc. were the last of the mega-caps reporting quarterly earnings this week – the company announced late-Thursday, with solid results sending the share price higher by 3.6% to 273.88.### Depending where its more recent five wave impulse uptrend began, either from February’s low of 196.00 or from March’s low of 199.14, Thursday’s high is either finishing a 3rd or 5th wave ahead of a correction. Aside of the short-term prospects, panning out to the larger picture looks very bullish. The major indices, the S&P 500 and Nasdaq 100 have edged higher this week although April’s five wave advance looks stretched at Friday’s levels. Gains since April’s lows have set records for consecutive up-days, especially in tech, semiconductors and mega-caps so we can’t yet eliminate a shorter-term correction as a possibility. But looking ahead, the picture remains especially bullish because Crude oil is heading towards the completion of an upside correction, sometime within the next... Read full summary in our latest report!
Currencies (FX)
2nd May 2026 - The US$ dollar index has just completed a secondary corrective pullback over the last couple of days and pushing nicely higher tonight having held nearby support at 97.63 traded the week before. This### is confirming continued upside progress as minute wave 3 within minor wave c.’s ending/contracting-diagonal advance that itself, began from January’s low of 95.55. Equally, although inversely, the Euro/US$ completed a short-term corrective expanding flat rally from the previous week’s low of 1.1669 into today’s high of 1.1785 with a sharp decline late-session, confirming much larger declines ahead as a 3rd wave within its declining diagonal pattern. Stlg/US$’s minor wave c. decline from January’s high of 1.3869 has changed... Read full summary in our latest report!
Bonds (Interest Rates)
2nd May 2026 - Following on from Wednesday’s Federal Reserve rate and policy decision, the US10yr yield has pulled a little lower over the last couple of days from 4.435 to today’s low of 4.341 although this is ###corrective with expectations of resuming higher next week. Minor wave c.’s developing five wave advance that began from the early-March low of 3.924 is shown unfolding into an expanding-impulse with more gains expected, targeting 4.627+/- during the next several weeks. The European Central Bank (ECB) kept interest rates on hold last Thursday at 2.00% whilst the ... Read full summary in our latest report!
Commodities
2nd May 2026 - Gold has undergone a short-term corrective zig zag rally unfolding from Wednesday’s low of 4510.42 ending earlier today at 4660.17 with prices heading lower afterwards. This brief two-day rally has### coincided with some short-term US$ dollar weakness although the dollar has today found support and is itself, now turning higher – gold’s outlook remains very bearish, with two headwinds – expectations for a stronger US$ dollar and higher interest rates. Silver has also unfolded into a short-term corrective zig zag rally from Wednesday’s low of 70.86 ending earlier today at 76.96 with prices heading lower afterwards. The outlook remains very bearish, especially with forecasts for a widening in the gold/silver ratio. Crude oil prices declined...Read full summary in our latest report!
