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Good Wednesday Morning, MPTraders! September 9, 2026-- Pre-Market Update:-- While we await the next round of PPI (Thursday) and CPI (Friday) Inflation Data, the elephant in the room is Crude Oil, which took out-- and is trading above-- $95.00, a key 4-month resistance plateau...My attached 4-hour chart shows the upside breakout price action that sits atop a potentially explosive Cup and Handle or Saucer Bottom technical structure that projects a next immediate target of $100, a secondary target of $110, and a tertiary target of $118 to $122. From a near-term technical perspective, to inflict some damage to the dominant post-8/26/26 upleg ($79.62 to $95.
Today, the market moved lower once again; however, the action to the downside is far from what I would consider a clean and textbook impulsive move off of the 9/3 high. With that said, we are still following our fib pinball guidelines on this move down from that high, which is still suggestive that we are still working on our larger wave c of 3 as part of a larger ending diagonal off of the 8/28 high.
With the continuation lower, the structure of this decline seems to be following along in wave (3) of the c-wave of wave 3 in the ending diagonal (c) wave we have been tracking.As of my writing this update, I think there is still potential for wave (3) to extend a bit lower. But, if the low is in already, then we will likely see another leg higher towards the resistance box for wave (4). And, as long as that resistance box is respected, I am expecting a wave (5) lower in the coming days to complete the c-wave of wave 3.
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