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Good Thursday Morning, MPTraders! October 22, 2026-- Pre-Market Update: -- Wow! What happened at 5 PM ET yesterday? A market massacre began about one hour after Wednesday's close, right around the time of the META and TSLA post-earnings conference calls (5 PM ET).
I want to point out this morning that we now have the MINIMUM number of waves in place to consider this BIG correction complete in gold, as we have a minimum needed for wave (5). Ideally, it does go to 4000 or a bit lower, but be aware it can bottom at any time from now.
Today we saw the market move lower, breaking through all of our smaller-degree support levels, which were keeping the path to new highs per the blue count in play. With the move lower today, we now clearly have three waves up off of the 10/16 low, which is making a push to new highs per the blue count unlikely at this point in time and is far more suggestive that we will see further downside follow-through before any lasting bottom is found.
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