Our Live Trading Rooms Bring Together Thousands of Traders from Around the World!
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.
As I was surmising of late, the rally off wave iv really seemed too small to mark a full 5th wave in this structure off the recent low. And, as I am writing this update now, it seems that we are now in wave (iii) of wave v, but it is taking shape as an ending diagonal due to the obvious overlap we are seeing in the futures structure.Normally, the 3rd wave in a diagonal targets the 1.
Carolyn Boroden and Tammy Marshall, co-hosts of the Fibonacci Markets Stocks service, shared some of their highlights this week.Carolyn highlighted a good example of what she likes to call a "Royal Setup" in the DIA."The price cluster of support came in at the 486.72-487.07 area, which included a .236 and 50% retracement along with a 1.618 extension of a prior minor swing. We ended up putting in a low directly within this zone at the 487.00 level. So when we hit the zone we always go down to a lower time frame chart for a buy trigger....
Our Technical Analysts Share Their Expertise 24/7 on a Vast Range of Markets!
