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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 was reviewing the metals charts this morning, I wanted to send out a note of caution before I left for the day. While my preference has been for a higher (b) wave bounce across the metals complex, I have noticed that both GDX and GC can be considered as completing a (b) wave triangle this morning. While I do not have the same potential in silver, it still is enough evidence of a potential completing a (b) wave that requires me to send out this note of caution.
After pushing higher in three waves yesterday, the market turned lower once again today, slipping slightly beneath Tuesday’s low. While a pullback was certainly not unexpected, that minor break complicates the near-term count, leaving us with several potential paths in play.And that’s the nature of B waves, they rarely stick to the script. They twist, turn, and frustrate both bulls and bears alike, making them one of the most unreliable segments of the Elliott Wave sequence.At the time of this update, price is still testing the micro resistance zone.
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