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Good Thursday Morning, MPTraders! April 2, 2026-- Pre-Market Update: Today is the final session of the week. Market's are closed tomorrow for Good Friday... Tomorrow at 8:30 AM ET, the Gov't releases the March Jobs Report (to be discussed later this AM)...-- If President Trump intended to imbue the financial markets with confidence about an end to the Iran War, well, whatever he said or did not say had the opposite effect...Front month May NYMEX Crude Oil rocketed from 97.50 just before Trump's speech to a high-- as I am typing this post-- at 112.77 (+15.
Bitcoin: IndecisionOne simple heuristic in Elliott Wave Analysis is to look at whether price is developing 5 wave structures in a particular direction or whether all moves in both directions are 3 wave moves. The market characteristics since the February low struck on 2/6 around $60k, fit the latter pattern: ie, 3 wave moves in both directions. This aligns with a market that lacks conviction to find clear momentum in a particular direction and is very typical of consolidations.
Today we saw the market open slightly higher and consolidate in a very tight range all day, just under the key pivot that, once broken, would confirm we are indeed in wave c of the larger (b) up. As of right now, we still do not have confirmation that we have indeed begun that c wave up, and we still could see a deeper retrace before that move occurs. For now, we will remain in a bit of a wait-and-see approach as we continue to hold below the key pivot.
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