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Good Thursday Morning, MPTraders! March 5, 2026-- Pre-Market Update:-- The War enters Day #5... -- ES is circling the mid-section of a multi-month range amid an impending historical directional shift from negative to positive (See chartwork below)...-- Oil Prices climbed to a new "wartime" high at $78.09 overnight, threatening to emerge from a multi-year range...-- AVGO (Broadcom) reacted positively to Earnings, which has goosed the stock 6%, but can AVGO continue to climb to inflict meaningful damage to the still-dominant three-month correction? -- COST reports Earnings after today's close...
After finding a bottom yesterday and moving higher into the close, we saw the market pull back in a corrective fashion overnight, only to push higher again today. We are now closing in on a key resistance level just overhead, which should help provide further guidance as to whether this market has enough momentum to make a direct push back toward the all-time highs, or whether we still need to see additional downside price action in the days and weeks ahead.
While I am showing a potential 1-2, i-ii in both gold and silver, I have to note there are a number of issues with it. First, I cannot say that the wave i structure is the cleanest of 5-wave structures. Second, normally, wave i of 3 will target AT LEAST the .382 extension of waves 1-2, whereas they normally target the .618 extension of waves 1-2. And, what I have labeled as wave i of 3 has not even come close to the .382 extension.
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