Wednesday 4/21/2015

The daily chart shows price yesterday making a higher high and higher low versus the prior bar but finding resistance at the upper triangle boundary and closing well off of the highs. Price today has opened below the daily pivot and thus far made a lower high and lower low versus yesterday. It was mentioned in yesterday's commentary that the blue MD MA had turned up, and that if price could maintain the gains it would indicate that Friday's low was likely a multi-week low; as can be seen, price did not maintain those gains, and the MD MA has flattened out again.

Today is the actual time projection for the MW low, but this low may already have been seen or may extend further into the future. As always, price action trumps projections. If the MW low is behind us, price should find support at the blue weekly pivot (2081.83). If the MW low has yet to be found, price will retest Friday's low and either make a double bottom or a lower low.

The hourly chart shows price yesterday making an earlier-than-projected 24Hr high, followed by a lower session high a perfect 6 bars later at the NY open. Price then traded down until it found support for its 24Hr low on daily pivot support. Price made an attempt to get through daily pivot resistance this morning but was rejected, making a lower 24Hr high a perfect 24 bars after the prior 24Hr high. Price has found support this morning on the weekly pivot and is bouncing into its session high. With a 24Hr low projected for late afternoon and a multi-day low projected for tomorrow morning, it remains to be seen whether the weekly pivot can continue to support price for the next session low due early afternoon. Failure to do so will likely bring about the retest of Friday's low mentioned above, while a higher session low would likely mean the MD low has been seen and price should retest the upper triangle boundary again.