The daily chart shows price yesterday opening below the daily pivot and making a lower high and lower low. Price today has opened below the daily pivot and made a lower low, but appears to have found support at the MD MA and bounced back above the daily pivot. A MW high is projected for tomorrow.
The hourly chart shows beautifully the transition of the 24Hr MA's roll from support until the NY open yesterday when it then acted as resistance before the market sold off and price ventured near the MD MA in making a lower 24Hr low just after the close. This latter behavior indicates that we had finally seen a MD high and were searching for the MD low. Whether we have already found that low after the close yesterday remains to be seen, but price has spent several hours above the daily pivot and 24Hr MA. We are overdue to see a 24Hr high made, and a 24Hr low is projected for late tonight/early Thursday. A session high is projected for 45 mins after the NY open, and a session low is due shortly after.
We finally broke the daily pivot/24Hr MA yesterday just after my post, and headed down to the blue MD MA. We didn't quite make it there, which may be testament to the strength of the MW and MM cycles, or it may mean we have not yet seen the multi-day low. It is possible we will make one more test of the MD MA today before seeing the multi-day low; if we break above the highs of this morning after the open, however, then I will assume yesterday was a MD low and that today will be a trend day up through late afternoon.
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