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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.
After grinding higher over the past several sessions and hitting the upper end of our Ending Diagonal target, we saw the market move lower today. We are, however, still trading over some key support levels below that we would need to see broken to confirm that we have indeed completed the Ending Diagonal pattern off the 4/23 low, or whether this still has some unfinished business to the upside before that ultimate top is found.
With GDX and gold both completing 5 waves up off the recent lows, we have two paths that the market can choose. And, as I noted earlier this morning in an alert, we can clearly reduce the paths in GDX from three down to the final two.So, to remind you, the question on the table is whether we drop to lower lows in a more direct fashion, or whether we have one more rally in the purple count before we begin that drop.
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