Podcast: Play in new window
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SHOW NOTES
This week on the McAlvany Weekly Commentary, we continue our two-week exploration of technical analysis. Today, David welcomes Steven Hochberg and Peter Kendall, two highly regarded senior analysts from Elliott Wave International, to examine the markets through the lens of Elliott Wave theory and long-term investor psychology.
In this conversation, Steven and Peter discuss:
• Why today’s valuation levels sit in what they describe as “stratospheric” territory
• How liquidity isn’t simply money — it’s mood, and why that distinction matters as we approach 2026
• Signs of speculative excess: AI stocks, the Mag Seven, Bitcoin, options behavior, leveraged ETFs, and more
• Why Elliott Wave patterns suggest equities may be near a significant long-term turning point
• The real story behind gold’s outperformance since 1999 and the message of the Dow/Gold ratio
• A potential fourth-wave correction in gold before a future fifth-wave advance
• What the dollar’s wave structure implies for global liquidity
• How investors might think about safety, cash, and precious metals if liquidity tightens next year
