The daily chart shows price yesterday making a
lower high and lower low but higher close versus yesterday. Price today has
opened above the daily pivot and thus far made a lower high and higher low.
Price appears to be finding support lately on the green MW MA, which would
indicate that we are on the upside of the multi-month cycle. The blue MD MA has
provided support the last two days, which would indicate that we are on the
upside of the multi-week cycle. The result should be price making frequent
higher highs, yet price cannot break through the upper triangle boundary. This
raises the concern that the multi-year high was seen in February; the fact that
the pink MM MA has turned flat lends credence to this concern. If so, price
should eventually have a bearish resolution to the triangle pattern. A breakout
to new highs is the only thing that can put that fear to bed.
We are past the
projection for the MW low, and while price does appear to be finding support on
the MD MA, the MD MA itself is moving sideways, making it difficult to say for
sure that the MW low is behind us.
It is worth noting that we are in a Tuesday
high/Monday low situation thus far for the week. This is highly unlikely to
stand for the week, so by tomorrow's close I would fully expect price to either
eclipse Tuesday's high or drop below Monday's low.
The hourly chart shows price making a half-span
24Hr high twelve bars after the prior 24Hr high. price then dropped below the
24Hr MA and MD MA briefly before finding support on the green MW MA. This may
have been a 24Hr low, but a higher session low near the open would be needed to
confirm this.
A multi-day high is projected for early tomorrow morning, but I
am open to the possibility that yesterday's early 24Hr high was also an early
MDH; if so, I would expect the white 24Hr MA to provide resistance for any up
move today.
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