Turnaround Tuesday?

The daily chart shows price yesterday forming a doji but making a higher low and higher high. Price today opened below the daily pivot but has thus far made a higher low and higher high. We are overdue for a multiweek high to be seen; a multi-week low is projected for Thursday.

The hourly chart shows price yesterday making an earlier-than-projected 24Hr high and trading down through the 24Hr MA at the close. A 24Hr low was made several hours later; it was a lower 24Hr low but also came well before projection. I would have assumed with the early 24Hr high yesterday that we had found our multi-day high, but price has since rallied back above the 24Hr MA and daily pivot and eclipsed yesterday's high. The 24Hr high is projected for 12:30pm EST today, and the next 24Hr low is due near midnight. A multi-day low is projected for Thursday, the same day as the MW low projection. We are currently in the window to see a session high made.

It is possible that today's high will also be a multi-week high, meaning price can be expected to drop to at least the weekly pivot 20 points lower, if not the MW MA 30 points away. The session high that is likely being put in 30 mins before the open could very well prove to be the 24Hr high as well, though one more higher session high by lunch/early afternoon is possible. A break of the 24Hr MA should signal the 24Hr high has been seen and will likely begin a sharp multi-day correction.