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Good Thursday Morning, MPTraders! August 6, 2026-- Pre-Market Update:-- Strong, but not strong enough Earnings reported last evening in SNDK -11%, WDC -15%, and APP -19% have put the kibosh on the Tech Sector (QQQ -7%) this AM... SNDK's negative acutely negative reaction to Earnings inflicted damage to the otherwise promising setup ahead of the news. The fact that SNDK pressed and sustained beneath 1250/70 near-term support has morphed the post-7/29/26 rally pattern into a more complex counter-trend configuration.
12 of our recent Wave Setups in MMA (Metals, Mining Agriculture service) hit their next resistance levels today triggering updates!Wave Setups are high probability Elliott Wave projections with clearly defined parameters of Support, Resistance, Invalidation Target levels adapted from Elliott Wave based on statistical probability and practical application to Risk:Reward. When they hit a resistance level (usually around an EW way-point) we update those parameters as needed.
With the market seemingly topping in wave iii of (iii) of wave i in the yellow count, we have spent yesterday and today slowly leaking lower to the support box below. I want to note now that we do not have to actually strike the support box before wave iv is complete. The main point is that as long as we pullback correctively and hold over that support box, then the next expectation is for a wave v of (iii) rally once this completes.
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