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Good Thursday Morning, MPTraders! February 5, 2026-- Pre-Market Update: First Up, a look at the pattern setups in Bitcoin before my second update on GOOG, AMZN, and ES setups heading into today's session...Three views: My 4-Hour Set Up shows the breach of 70,000 that is accompanied by an extremely oversold condition that in the past has correlated with an emergent rally. Let's also notice that 4-Hour Momentum exhibits a potentially positive Momentum divergence (high low) compared with the 11/21/25 price-Momentum low, suggesting that a two-way intraday market could be approaching.
There really is not much for me to add to my metals analysis at this time. My view remains that we are mired in a b-wave within a larger a-b-c corrective structure off the recent highs. And, I think it is reasonable to expect one more rally before this b-wave completes.Of course, should all 3 charts break below their recent lows, then I have to assume the c-wave is already in progress, especially since we have hit the minimum targets for this b-wave in both the GC and GDX charts, but we have fallen short in silver.
Today the market continued to push lower, breaking down below the first key support/pivot level that had been holding the bullish case for new all-time highs. With that said, the structure of the decline from the 7026 high is very overlapping and lacks an impulsive wave structure, which is more characteristic of corrective price action.Importantly, there is still one key price level just below current levels that could hold and keep the bullish path to new highs intact.
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