The daily chart shows price yesterday opening below the daily pivot and making a higher high and lower low, finding soft support on the monthly pivot and MW MA. Price today has opened below the daily pivot but has thus far rallied back above the MD MA. The status of the MW cycle is still in question, but today's action could provide the answer. Obviously a rally above Monday's high would indicate a move on the upside of the MW and MM cycle. Anything less than that will provide more in the way of clues than an absolute answer.
The hourly chart shows price putting in a 24Hr high yesterday at the open under soft MD MA resistance and plunging below the weekly and monthly pivots and MW MA to put in a 24Hr low in the early afternoon. Price has since rallied sharply and has climbed above the MD MA. We are in the timeframe for a 24Hr high. It is likely that yesterday saw the overdue MD low put in, and if so, it was a higher MD low than the prior one; a MD high is projected for Sunday evening. It has been 9 hours since price has come anywhere near the session MA, another indication that we are currently on the upside of the 24Hr and MD cycles.
A rally today above Monday's high could provide many clear answers, which means it probably won't do that. It appears we have put in a multi-day low yesterday afternoon, though we need to see a higher 24Hr low (projected for late morning) to confirm. If we are on the upside of the MD and MW cycles, taking out Monday's high should be possible; If we are on the upside of the MD cycle but the backside of the MW cycle, then price should find soft resistance at the MD MA and perhaps trade sideways from current levels for the next day or two before making new lows.
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