Update for 7/2/12

We did not get a higher session low, which indicates that the overnight consolidation may not have produced a 24Hr low.  There are two possibilities now.  It could be that the marked 24Hr high was followed by a 24Hr low and another 24Hr high 10 bars later, in which case it is a half-span shift of sorts for the 24Hr high and indicates the MD high has been put in and we will now search for a MD low.  The other alternative is that the 24Hr high was not made until the 5:30am EST bar and we are now searching for an overdue 24Hr low, which would likely be made on soft support here at the white 24Hr MA or below at the yellow daily pivot.  Either scenario seems messy as the first requires a 24Hr low well above the 24HrMA and daily pivot and the latter would require a 10 hour long session cycle.  When things get messy it is usually due to a turn of a larger timeframe cycle (in this case the multi-day cycle).  With the picture unclear and volume lighter due to the holiday week, it looks like a good day to stand aside and let price clear things up.