The hourly chart shows price making a MD high on Thursday and a lower 24Hr low Friday afternoon, followed quickly by a lower 24Hr high at Friday's close. Price is currently testing the 24Hr MA in the timeframe for a session high to be made. A session low is projected for 11:15am EST. A higher session low would indicate that we have already seen the 24Hr low well ahead of projection and be a good indication that Friday was a MDL; a lower session low will indicate price is still searching for its 24Hr low projected for after today's close.
We should trade down at the open at least for a couple of hours until the session low is found. If price takes out the pre-market low, expect the green MW MA to be tested before finding a 24Hr low.
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