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Good Tuesday Morning, MPTraders! May 19, 2026: What's on my mind this morning (besides appreciating that I was NOT called for Jury Duty for today!):-- Two trading sessions until Wednesday eve's NVDA Earnings Report...-- The NVDA Earnings reaction (Jensen making the rounds on CNBC, Bloomberg, Fox Business) on Thursday will take the markets into Kevin Warsh's Federal Reserve swearing-in ceremony on Friday afternoon... -- Home Depot Earnings are a big nothingburger for investors this AM, which keeps the stock under pressure and in its bear phase (see below)...
Over the long weekend, the market continued to push higher in a very sloppy pattern but managed to push to new highs. This is making the green count the more likely path at this point in time. With that said, I am still leaving the white count on the table for the time being. However, from a practical standpoint, it does not make too much of a difference other than how much higher this can extend.
In the April episode of my Coinbase series, I asked the question of whether the February lows will hold. I expected them to hold until circle-B is completed, and so far they have. However, despite an attempt to reach my B wave target between $230 and $300, this month’s rally failed at $222. On one hand, the failed rally confirms that COIN remains locked in a major correction that may ultimately take it as low as $59. However, it also opens the question as to whether circle-B has already completed, and COIN is ready to drop below $100.
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