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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.
The market continued to drift lower today, but the character of the decline remains overlapping and relatively slow in velocity. This type of price action continues to suggest we are dealing with a corrective pullback rather than the start of a larger impulsive Wave (c) to the downside.The primary question at this stage is not direction, but depth, how far this corrective move will carry before the market attempts to resume higher.As long as we remain above even the upper support pivots, we simply do not yet have enough information to resolve that question.
While GDX has been the cleanest of the paths over the last week or so, today’s action has placed more uncertainty around it. While the bigger picture still strongly suggests lower levels will be seen before this correction is done, the fact that we have dropped this deep without an appropriate 2nd wave bounce if this is a c-wave decline adds a certain amount of complication to the chart which forces me to consider a different twist on the “evil” purple count.As you know, I have been expecting more of a bounce for a wave 2.
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