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Good Tuesday Morning, MPTraders! March 31, 2026-- Pre-Market Update:-- Another Trump Tweet gooses equity index futures prices at around 7:15 AM ET:I think the implication of his comments indicates that the U.S. is oil self-sufficient and can walk away from the Iran War with the Strait of Hormuz closed, leaving most other countries in Europe and Asia, in particular, scrambling to procure their own oil.
Today, the market continued to push higher, and we can now reasonably count the move off the lows as a five-wave structure. This increases the probability that a bottom has been put in for wave (a), and that we are now progressing within a larger wave (b) to the upside. That said, we have not yet cleared a key resistance region on both the SPX and the Nasdaq, which keeps the path to another low very much in play.
With the metals charts pushing just past their resistance, it is certainly raising the probability of the evil purple count. And, if you remember, this means that this rally will likely continue much further in the coming days and possibly weeks, only to set up a c-wave crash-like event to complete this larger a-b-c structure in the metals.The one that is starting to look more likely as this path is GDX.
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