The hourly chart shows price in a trend down following last Thursday's high. While I am unsure of my 24Hr high/low designations, a 24Hr low is overdue after undergoing an extreme right-translation that is not uncommon coming out of a MD high. We are currently in the timeframe to see a 24Hr high made, but obviously that cannot happen until we make a 24Hr low. We are mildly overdue for a multi-day low to be found, though that could right-translate even more if we are on the downside of the MW cycle. A session low is projected for 11:15am Central.
This is the price action you get coming out of a multi-day high, especially if we are also on the downside of the multi-week cycle. I should have gone short Thursday but if we were still on the upside of the MW cycle price would likely have found support on the green MW MA. We are overdue for a 24Hr low and multi-day low to be made, so I cannot enter short here. A multi-day high is projected for Wednesday morning; normally price would be expected to rally to the blue MD MA in order to make this MD high, but I do not expect price to rally that far. Any bounce to the green MW MA would likely be a good level to enter short for what should be an ugly week in the market.
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