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Good Sunday Morning, MPTraders! March 1, 2026: Special Update: Are there any market indications on Sunday afternoon that might provide directional hints about tonight's stock index, oil, and gold openings? Bitcoin is the only currently trading risk-on vs. risk-off 24/7 market that might be informative about market direction after Friday eve's U.S. and Israeli attack on the Islamic Republic of Iran, followed by Saturday's announcement that the Ayatollah Khamenei and many of his ruling leadership were killed.
Today we saw the market turn sharply lower and then find support into the afternoon session. We are still trading well under the HOD but have yet to break micro support to the upside, which still leaves a number of possible paths on the table as we head into the close. I will note that I think the Nasdaq is painting a slightly cleaner picture at the moment, but we will need to see how things follow through in the days ahead before we really have a better idea as to the market's intentions as we move into March.
Part of my job is not just to simply provide cut and dry Elliott Wave analysis. You see, in doing my job, there are times I must read messages being sent to us by the market action, which can assist in my primary job of providing analysis. Let me explain.The market had a potential 1-2, i-ii downside structure in place (albeit with a shallow wave ii), which means we had a set up for a 3rd wave down coming into today. And, we even got a negative catalyst to ignite that 3rd wave down.
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