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Good Wednesday Morning, MPTraders! April 29, 2026-- Pre-Market Update: --- Today is Fed Day (2 PM and 2:30 PM ET)...--- Mag7 Earnings Day (MSFT, META, AMZN, GOOG after the close)...--- But the elephant in the room this morning is the continued sharp climb in the nearby June Crude Oil price to a 3-week high at 103.82, which represents a 31.5% upmove since the April 17th pullback low at 78.97 (from the 4/07/26 high at 114.
With GDX and gold both completing 5 waves up off the recent lows, we have two paths that the market can choose. And, as I noted earlier this morning in an alert, we can clearly reduce the paths in GDX from three down to the final two.So, to remind you, the question on the table is whether we drop to lower lows in a more direct fashion, or whether we have one more rally in the purple count before we begin that drop.
Today, we saw the market continue to grind higher in what still counts as an Ending Diagonal off of the April 23rd low. From a wave count perspective, very little has changed from last week and until we can actually see a break of some key support/pivot levels below, we do not have any signal that the market has put in even a local top just yet.The first key pivot level that I am watching below to give us an initial indication that we have put in a local top comes in at the 7388 level.
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