In his speech, Bessent reiterated that China would not be able to impose its conditions on the entire world, even though the topic of the entire world did not seem to be under discussion. However, if this is indeed the case, then China has shot itself in the foot. On the one hand, many countries will be forced to purchase rare earth metals from China on any terms because there is no other source. On the other hand, the whole world has been warned that China may "close shop" or use this trump card to dictate its terms for cooperation and trade.

America made a similar mistake by starting a trade war —not just with China. I have already stated that neither China nor Canada will pay Trump's tariffs. American consumers will bear the costs. Prices in America are already rising significantly, which means that in the next elections, it is highly likely that neither the Republicans nor Trump will win. Hence, Trump's team may continue to "mess around" for another three years, but doing so will be much more difficult next year due to the midterm elections in Congress. With the Democrats, there was peace and harmony in America; with the Republicans, there is a "wonderful" news story every week.

I would also like to remind you that, due to Trump's tariffs, Chinese exports have not decreased at all but have increased, as many manufacturers have found alternative markets or started shipping their products to the US through third countries. Therefore, China has found workarounds. Its products are still renowned worldwide for their affordability and the significant quality improvements observed in recent years. Whether the US can find alternative suppliers of rare earth metals remains a significant question.

Wave Structure of EUR/USD:

Based on the conducted analysis of EUR/USD, I conclude that the instrument continues to develop an upward segment of the trend. Currently, the market is in a pause, but Donald Trump's policies and the Fed's remain significant factors in the future depreciation of the American currency. The targets for the current segment of the trend could reach the 25-figure. At present, we can observe the formation of corrective wave 4, which is taking on a highly complex, elongated form. Therefore, in the near term, I will continue to consider only buys, as any bearish structures appear corrective. The last structure – a-b-c-d-e – may be nearing completion.

Wave Structure of GBP/USD:

The wave structure of the GBP/USD instrument has changed. We continue to deal with an upward, impulsive part of the trend, but its internal wave structure is becoming more complex. Wave 4 exhibits a three-wave structure and is significantly more extended than wave 2. Another bearish corrective structure is nearing completion. I continue to expect the main wave structure to resume construction, with initial targets around the 38 and 40 figures, and I believe this could happen as early as the beginning of November.

Key Principles of My Analysis:

1. Wave structures should be simple and understandable. Complex structures are difficult to play out and often lead to changes.
2. If there is uncertainty about what is happening in the market, it is better not to enter it.
3. There can never be 100% certainty in the direction of movement. Don't forget about protective Stop Loss orders.
4. Wave analysis can be combined with other types of analysis and trading strategies.