Macro

Elliott Wave Live: Metals Down, Stocks Up, Powell NextOct 28, 2025

Stocks are pushing nicely to the upside after some optimism that a deal could be reached between the US and China regarding tariffs, as reported this weekend by Trump himself. He’s clearly driving the market into a risk-on mode.

However, it’s interesting to see that the dollar is still going nowhere; the only FX market showing a more decisive move is the Aussie, which is naturally benefiting from this story.

Looking at the dollar index,  no one knows where it wants to move but basic analysis in ranges is simple; “down from resistance, up from the support”. Keep in mind we’re still missing the latest US jobs data, so the outlook for further cuts remains uncertain, and that could keep the dollar moving sideways for now. C you in webinar today at 15cet.

For more updates on our latest Elliott Wave outlook, make sure to check our webinar below.

Grega

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