The daily chart shows yesterday opening above the daily pivot and making a higher low and higher high, closing well above the MD and MW MAs and just under the weekly pivot. Price today has thus far opened well above the daily pivot and made a higher high but is still meeting some resistance at the weekly pivot. While it is still possible that this is merely a MD cycle bounce, it is looking more and more likely that the multi-week low was made earlier than projected on Wednesday on higher timeframe monthly pivot and MM MA support. If so, we have made a very slightly higher MW low to go along with the very slightly higher MW high, which would indicate that we are still on the upside of the multi-month cycle but that momentum appears to be waning. A MW high is projected for next Thursday.
The hourly chart shows price early yesterday morning finding soft support on the daily pivot and rallying all day. Price has possibly made an overdue 24Hr high overnight just above the weekly pivot, though a lower session high projected for 8:00am Central is needed to confirm. Price has just tested and bounced off of the 24Hr MA. A 24Hr low is projected for either the NY open or 3 hrs after (I am still unsure about my 24Hr high/low designations for Wednesday). We are overdue to see a MDH, and a MDL is projected for late Monday.
No comments:
Post a Comment