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Good Wednesday Morning, MPTraders! September 16, 2026-- Pre-Market Update: This day has finally arrived! Fed Time!Let's take a look at some Big Picture Set-Ups to see if we can arrive at a directional reaction to whatever the Warsh Fed does and says between 2 PM and 3:30 PM ET today:Weekly 10-Year YIELD argues for upside continuation-- not necessarily immediately-- to 5.25%-5.50% before pivoting to the downside into a major correction. If that proves to be the case, then will upside continuation from 5% to 5.
I have taken a hiatus from my series on Coinbase (COIN), which started with expectations of a major top in 2025, through the current correction. Since my last article in May, COIN has chopped around in a range between just below $140 and just over $220. That range has lasted just over seven months. Finally, I see something worth talking about. In that article, I asked the question of whether COIN was more likely to drop below $100 or briefly take flight to over $200. We finally have an early indication of an answer — that COIN wants to take the upward route.
The market rally thus far today counts well as a corrective a-b-c structure, which would suggest that we can see another leg lower in a (c) wave decline before this correction completes. If the (b) wave is complete, then we have an ideal target for the (c) wave which coincides with the .764 retracement around 7640ES, which also represents an (a)=(c) decline from the high we just struck.Of course, there are a couple of other reasonable possibilities that I want you to keep in the back of your mind.
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