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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).
Today, we saw the market rally higher, keeping the path alive to see another higher high. However, we have since retraced back lower at a fairly key level, which is giving us further evidence that we are indeed working on the yellow wave b and will see lower levels before breaking out to new highs. On the smaller-degree timeframes, this would look better with a very small push over today's HOD to finish off the wave v of (c) of b in Ending Diagonal form, but the rejection right at the 61.
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.
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