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Good Wednesday Morning, MPTraders! April 29, 2026-- Pre-Market Update: --- Today is Fed Day (2 PM and 2:30 PM ET)...--- Mag7 Earnings Day (MSFT, META, AMZN, GOOG after the close)...--- But the elephant in the room this morning is the continued sharp climb in the nearby June Crude Oil price to a 3-week high at 103.82, which represents a 31.5% upmove since the April 17th pullback low at 78.97 (from the 4/07/26 high at 114.
I want to again reiterate that the greatest probability path in the larger degree (at least in my humble opinion) is that the metals charts I am tracking should see a lower low before we can begin considering the correction is completed. However, the charts are still not strongly indicative as to whether we will see a bigger rally before we begin that drop, or if we are going to begin that decline phase to lower lows more imminently.Let’s start with the GDX.
Today, we saw the market take the more direct path to the upper end of the Ending Diagonal topping zone that we had laid out over the past several days. We are now pushing the upper limit of where I would expect to see the Ending Diagonal, in its current form, put in a top. If this is going to reverse, it really should begin to do so sooner rather than later.Unfortunately, I do not have a highly reliable alternate count that would suggest a strong continued move higher.
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