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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.
Bulls and bears look at the same chart and see entirely different companies. That disagreement is not noise — it is the signal.Show ten investors a Tesla chart and you will get ten different companies described back to you.One sees a generational innovator reshaping transportation, energy, and artificial intelligence simultaneously. Another sees a meme stock with a cult following and a valuation untethered from any recognizable financial gravity. A third sees both — and cannot decide which version to believe on any given Tuesday.This is not a debate that gets resolved by earnings reports.
It does seem as though wave (iv) has completed, and we had the expected overlap into wave (i) that is normally seen during diagonals. Since that time, I am viewing the rally today as the a-wave of wave (v).Therefore, we are still missing the b-wave pullback, followed by the c-wave of wave (v). Again, remember that all the substructures within diagonals break down as 3-waves each, counted as a-b-c.So, my expectation is that we will soon begin a b-wave pullback, followed by a c-wave rally.
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