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Good Wednesday Morning, MPTraders! June 17, 2026-- Pre-Market Update: -- Today is and will be all about new Fed Head Kevin Warsh's impact on the FOMC, on the wording of his first monetary policy statement, and on the markets during his inaugural press conference...
Today we saw the market continue to push lower after moving lower yesterday as well. Unfortunately, the structure of the move to the downside is far from clear, and if we have indeed topped in all of wave (b), the initial move down has likely taken the form of a leading diagonal. While this can certainly qualify as an initial five-wave move to the downside, this structure is not the most reliable of patterns.
With the metals market seemingly topping out today, we may have now dropped to the point of no return. You see, due to today’s drop, this is either going to be the start of the 5th wave to lower lows, or, yes, if we break back out over today’s high, then we will be looking at the revenge of the purple count. It seems that simple to me at this time.I also want to remind you that a 5th wave decline in an ending diagonal takes shape as a 3-wave structure, breaking down as an a-b-c decline.
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