The daily chart shows price yesterday opening above the daily pivot and making a higher low and higher high, eclipsing the prior MW high by one point in the process. Today price has opened just above the daily pivot and thus far made a lower high and lower low. The major question is whether price has made its MW high. If so, despite being a higher MWH it could still be considered a double-top of multi-week highs, coming at a time when the multi-month high is past due. The alternative is that price is just see a multi-day cycle correction and there is another run left on the upside of this MW cycle. How price reacts at the nearby MD MA will answer this question.
The 24Hr cycle has become extremely difficult for me to discern, as the hourly chart indicates. Perhaps the 8:30am - 12:30pm EST double top yesterday was a 24Hr high, though smack in the middle appears an obvious 24Hr low. I am leaning toward the high at the close Wednesday being a 24Hr high and disregarding the surge higher just before the 24Hr low as an anomaly caused by the still uptrending MD and MW cycles fighting against the 24Hr cycle; future price action could persuade me to change this opinion, however. It is also tempting to call the overnight bump against 24Hr MA resistance a 24Hr high, but there is no obvious 24Hr low preceding it.
In any case, what is obvious is that the daily pivot and 24Hr MA have acted as resistance since yesterday's close, indicating we are on the downside of the MD cycle. If we are still on the upside of the MW cycle, price should find soft support on the MD MA for the next 24Hr low; if yesterday was also a MW high, then I would expect the 24Hr low to extend in time past projection and for any support at the MD MA to fail. We are currently in the timeframe to find a session low as well as a 24Hr low.
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