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Good Tuesday Morning, MPTraders! November 18, 2025-- Pre-Market Update: More of the same stair-step selling pressure that is threatening to invalidate my bullish Coil formation, which will morph the correction off of the ATH into a deeper, possibly total retracement of the upleg from the October 10 pivot low at 6540.25 to the October 30 ATH at 6953.75. The $64,000 question: Can or will the index (ES) regain some upside traction ahead of tomorrow eve's NVDA Earnings report?...
After moving lower earlier in the week, the market has held several key pivot levels over the past two trading sessions and has since retraced higher on what still appears to be corrective wave action. While we ended last week with a fairly clear five-wave move to the downside, confirming the start of this week’s move, the follow-through so far has not confirmed that we are in the heart of a third wave down. Instead, we continue to hold several key pivots that would need to break to validate that scenario.
I have to keep this update short as I just got back to my hotel and have to run out for a dinner meeting. While I can count both gold and GDX as a potential i-ii down in the continuation of their respective (c) waves down, silver would really count best with one more rally to complete a deeper wave 2. But, the main theme remains the same.
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