Wednesday 4/1/2015

The daily chart shows price yesterday opening above the daily pivot, finding resistance at the MM MA, and closing below the daily, weekly and (new) monthly pivots. It should be noted that price did manage to close the month above the March monthly pivot- the importance of this for the bulls was mentioned frequently, including in yesterday's commentary.  Price thus far today has opened below the daily pivot and made a lower low and lower high. Today is the projection for the multi-week low, and today's low was just one tick above last week's low and a stone's throw from the prior March multi-week low. It is possible that today's double-bottom will bring us the MWL exactly on projection, but price will determine when the low is in, not a projection. When the MWL is made, price will rise above the blue MD MA, turn it upward, and use it as support as it seeks out the multi-week high projected for April 13th. We are currently in a Monday high/Wednesday low situation, and it has been noted before that Wednesdays rarely mark the lows or highs for the week, except at turns in the MW cycle. That could be the case here, or price could continue lower this week for a more typically bearish Monday high/Friday low scenario.

The hourly chart shows price making a 24Hr low yesterday before the NY open on weekly pivot and MD MA support, then making an earlier than projected 24Hr high beneath 24Hr MA and MW MA resistance. Price then sold off hard, making an early lower 24Hr low last evening. Price has run up into 24Hr MA and MD MA resistance, putting in at least a session high, and possibly an early 24Hr high. Price is currently trying to find support on the session MA. If we are still on the upside of the 24Hr cycle, price will find support on the session MA and likely test the daily pivot; if the 24Hr high is already in, then a lower session high will be seen a couple of hours after the open and price will retest the recent lows. It should be noted that the recent 24Hr low is just one tick above the prior MDL (marked with an up arrow in a blue ellipse). Today is the projection for the MWL, and a double bottom of MD lows would likely mark the MWL.