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Good Monday Morning, MPTraders! June 8, 2026-- Pre-Market Update: -- The weekend breach of the Israel-Iran ceasefire by both parties puts geopolitics back on the front burner this AM. That said, the financial markets did not react violently (down in Equities or acutely up in Crude Oil), which suggests that for the time being, neither Israel nor Iran has decided to resume all-out war.
Today the market traded lower as we moved into the lower end of the resistance zone for the move up off of the May 19th low. That move lower is still only a three-wave structure and is trading well above even the upper smaller-degree support levels. So until we see a break of that support zone and/or see a full five-wave move down off the highs, we still do not have any indication that we have put in even a local top just yet.
Clearly, we have broken the IMMEDIATE set up for the purple count. And, that has opened the door to the more direct move lower. So, I want to be clear about what I know and what I don't know.What I am relatively confident of is that the market is likely going to be heading to the lower lows we have been discussing for quite some time. What I am not confident about is the path that is taking us there. Right now, this weakness suggests that we can be heading to the lower lows in a more direct fashion.
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