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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.
With the metals charts pushing just past their resistance, it is certainly raising the probability of the evil purple count. And, if you remember, this means that this rally will likely continue much further in the coming days and possibly weeks, only to set up a c-wave crash-like event to complete this larger a-b-c structure in the metals.The one that is starting to look more likely as this path is GDX.
In the pre-market update this morning I noted that price had reached the .500 retrace at 6502 that was the preferred target I mentioned in the update I sent out last night, but that the structure off yesterday's high looked like a possible 5 down. Therefore, it at least needed to be considered that the pre-market low only finished wave (a) of b, with the circle b-wave could turn into a wider flat.Price cooperated by continuing higher following the open, retracing almost all of the overnight drop and coming close to retesting yesterday's high but for now still trading below there.
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