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On the morning of April 9, 2026, this is what I posted about SMR (NuScale Power Corp) to our Discussion Room for MPTrader members:SMR (Nuscale Power Corp)-- Three views of this beleaguered, former high-flying modular nuclear power producer that has been in the grasp of a relentless six-month, 84% bear phase:-- From the perspective of my 4-hour Chart, SMR has the right look of nearing the completion of the downleg that started at the Jan. 2026 recovery rally high of 22.37 that so far, has pressed to a low of 9.
Today, we saw the market continue to push higher, with the SPX moving into new all-time high territory and the ES not far behind. To say this has been an impressive move off the lows would be an understatement. The ES has now rallied more than 11% in just 10 trading days, an aggressive move by any standard.What makes this even more notable is that it comes on the heels of significant fear and uncertainty near the lows. It’s safe to say that the vast majority of market participants were not positioned for, nor expecting, this type of upside extension.
This wave structure is so stretched right now – as we are approaching the 2.00 extension – that I am thinking about expanding the standard Elliott Wave analysis to include a wave 5.5 for this type of extension. (smile)So, as we approach the 2.00 extension for just this wave segment, it is clear that the wave count is quite full. But, no support has yet been broken.
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