The daily chart shows price yesterday making a
lower high and lower low, testing the MM MA for support and closing at the level
of the MW MA and above the weekly pivot. Price today has opened above the daily
pivot and made thus far made a higher low and higher high versus yesterday.
Despite the intraday exploration lower, the weekly pivot and MD MA are still
providing "soft" support on a closing basis. This would seem to indicate that
price is on the upside of the multi-week cycle. If today closes near the
current level or higher, I will then mark last Thursday as the MW low. The MW
high is projected for Monday.
The hourly chart shows price making a 24Hr low
yesterday hours before the NY open just above the monthly pivot then rallying
into the green MW MA resistance. Price broke through this resistance overnight,
which seems to indicate that yesterday's 24Hr low was also a multi-day low. In
order to confirm this, we need to see a higher 24Hr low today; we are in the
time window for price to make a 24Hr low, and if we are on the upside of the MD
cycle, that low should be made no lower than the daily pivot support in the 2092
area. The high four candles ago was quite possibly the 24Hr high. If so, it is
likely that the areas marked with "?" will become 24Hr high/lows. A multi-day
cycle high is projected for overnight tonight.
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