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Good Thursday Morning, MPTraders! August 6, 2026-- Pre-Market Update:-- Strong, but not strong enough Earnings reported last evening in SNDK -11%, WDC -15%, and APP -19% have put the kibosh on the Tech Sector (QQQ -7%) this AM... SNDK's negative acutely negative reaction to Earnings inflicted damage to the otherwise promising setup ahead of the news. The fact that SNDK pressed and sustained beneath 1250/70 near-term support has morphed the post-7/29/26 rally pattern into a more complex counter-trend configuration.
12 of our recent Wave Setups in MMA (Metals, Mining Agriculture service) hit their next resistance levels today triggering updates!Wave Setups are high probability Elliott Wave projections with clearly defined parameters of Support, Resistance, Invalidation Target levels adapted from Elliott Wave based on statistical probability and practical application to Risk:Reward. When they hit a resistance level (usually around an EW way-point) we update those parameters as needed.
With the continued strength in the metals complex, it has to make us strongly consider that the bottom is already in place. So, let's discuss it.With the GDX continuing its rally, it seems to have come too high to be a b-wave, but an alternative view can be that this is a 4th wave in a bigger ending diagonal. I think that is a bit less likely with the size of this move, but it is certainly reasonable. I would say that I am now leaning towards the bottom being in for GDX.
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