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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.
Today, the market moved lower right into the upper end of the support zone that we laid out for the potential green wave (iv) and has moved up sharply off of that low. This is leaving the door open for a local bottom to have been found as part of the larger Ending Diagonal wave structure that has been laid out per the green count. With that being said, we still have some key resistance levels overhead that will need to break before we have confirmation that we are indeed heading to new highs.
As it stands right now, we have a set up to take the metals much higher. But, they do not seem to be set up in the same manner.I posted the charts below in silver trying to outline the micro count in this rally, although I cannot say that I have a high degree of confidence in the smaller degree count, it is the best option from those I am seeing. And, as long as we remain over the wave ii low on the 5-minute chart, then I am looking higher to complete wave 3 of this purple c-wave.
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