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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)...
I am going to make this update short. The last metals update told you to expect a bounce, and that is what we got. While I am really questioning what that bounce was in GDX, silver can be 5 waves up, but gold has a “technical” 5 waves up. The problem with gold’s 5 waves up is that it had a 3rd wave to the 1.618 extension and the 5th wave just shy of the 2.00 extension off the i-ii set up off the low.
The market has seen very sloppy wave action over the past several days and has yet to give us confirmation that we have indeed put in a top in either the wave 1 or larger wave (5). We are trading up today after moving lower overnight but are still trading under the key resistance zone that is keeping the b wave retracement count on the board.
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