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Good Tuesday Morning, MPTraders! July 15, 2025: Pre-Market Update: JPM beats but reacts sluggishly so far, NVDA pops 4.5% as Trump Administration enables chip exports to China, and ES spikes to a new ATH in reaction to the chip news, ahead of this AM's CPI Report (see expectations below)...(FinancialJuice)JPM beat The Street's estimates on Earnings and Revenue, and raised guidance for fiscal year 2025 net interest income. In reaction to the good news, JPM initially spiked to 295.00 from Monday's close at 288.70 (+2.2%), but has relinquished the gains. As we speak, JPM is trading at 285.70.
For those that have been following my analysis, you would know that I have been expecting a downside move to complete this correction in the metals before the next and likely final rally completes this long-term bullish cycle.In both gold and GDX, I have been tracking a 1-2 downside structure for their respective c-waves to complete a larger degree 4th wave. However, this 2nd waves I have been tracking has become quite unreliable, as it now relies on more of a w-x-y pattern than a standard a-b-c for a wave 2.
Today, we saw the market once again push to new highs after several failed attempts to break support. With that move, price is now making another attempt at the upper Fibonacci target, which still comes in at the 6384 level. Whether we can actually reach that level remains to be seen—but with this morning's new high, that target is now in play.From a wave count perspective, nothing of significance has changed.
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