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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.
Yesterday, the market gave us a relatively clean five-wave move to the downside off of the highs that were struck in the morning. After that initial five-wave move, we should have seen a corrective retrace higher to confirm that we were indeed dealing with an initial five-wave move down, thus setting up further follow-through in the form of the third wave down.Overnight and today, we saw the market continue to grind lower after seeing a very shallow retracement, which, rather than confirming the initial five-wave move, made that initial move much more ambiguous.
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