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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.
Carolyn Boroden and Tammy Marshall, co-hosts of the Fibonacci Markets Stocks service, shared some of their highlights this week.Carolyn highlighted a good example of what she likes to call a "Royal Setup" in the DIA."The price cluster of support came in at the 486.72-487.07 area, which included a .236 and 50% retracement along with a 1.618 extension of a prior minor swing. We ended up putting in a low directly within this zone at the 487.00 level. So when we hit the zone we always go down to a lower time frame chart for a buy trigger....
In the weekend update, I outlined my expectation for us to be working on waves (iv)(v) early this week. As of my writing this update, both the SPX and ES have seen overlap into wave (i), which is most common in diagonal structures. Therefore, both can be considered complete in their wave (iv) pullback.The issue with diagonals is that all substructures are 3-waves. So, any rally off a wave (iv) potential low would usually look indistinguishable from a corrective rally, as both would be 3-wave structures.
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