The good news from the monthly chart is that price opened above the monthly pivot this candle and thus far has made a higher low and higher high. The bad news is that we are currently trading below the candle's opening price, and the MM MA and stochastics have both rolled over. The important question of whether we saw a multi-year high made in March remains unanswered at this point.
The good news from the monthly chart is that price opened above the monthly pivot this candle and thus far has made a higher low and higher high. The bad news is that we are currently trading below the candle's opening price, and the MM MA and stochastics have both rolled over. The important question of whether we saw a multi-year high made in March remains unanswered at this point.
The daily chart shows price last week having made a high on Thursday that double-topped with the prior MW high, then making a lower high and lower low on Friday and closing at the MD MA. Price this candle has opened below the daily pivot and traded down sharply through the MW MA. A MW low is projected for Friday; whether this low is higher or lower in price than the prior MW low will inform us of whether we are on the upside or downside of the multi-month cycle.
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