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Good Wednesday Morning, MPTraders! November 5, 2025-- Pre-Market Update: Has the storm passed? Is the correction exhausted? Maybe! From an index (ES) perspective, much will depend on the extension and structure of the ES rally from the overnight ("Mamdani") low at 6748.50 to this AM's high at 6801.50. My attached hourly chart shows ES pushing up (now slightly above) key initial resistance at 6801.50, which needs to be sustained and extended to 6850 in the upcoming hour(s), exhibiting bullish form for my work to trigger a significant upside reversal signal. A close above 6850 will be extremely significant from a technical perspective.
As I am now traveling, I am gong to keep this week's metals update rather simple. And, also, due to the rally we have seen since the overnight low was struck, it lends to the simplified analysis.I am still seeking a c-wave rally to complete a larger (b) wave in the respective 4th waves of the various charts. As long as the overnight low is held on the next pullback across the charts, then I can view that c-wave rally as having begun.
Today the market bounced higher after completing a fairly clear a-b-c move down into the overnight lows. This was not terribly unexpected, as the full pattern into the overnight session suggested we would see a bounce today. The big question at hand now is whether this current move up will ultimately lead to new highs or if it’s simply a corrective move higher that still has another downside leg to complete.
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