Wednesday 5/27/2015

Yesterday saw price take a big hit, dropping down to the MM MA before bouncing to close just below the MW MA. Price today has opened below the daily pivot and is currently testing the daily pivot and MW MA. The blue MD MA has turned decidedly lower, another indication that last Tuesday was a multi-week high. The MW low is projected for tomorrow, but higher timeframe support in the form of the MM MA could see that low put in earlier. It is also possible that the MW low could extend in longer in time or lower in price and visit the monthly pivot before the low is seen. A close above the blue MD MA will be the first evidence that the MW low is in, but a trip down to the monthly pivot this near to the projected date of the MW low will be enough to get me swinging long.

The hourly chart shows price falling throughout the day yesterday before finding its 24Hr low an hour before the NY close. It is possible that a 24Hr high was made three bars later, followed by a half-shifted 24Hr low, but it is too early to say this for sure. What is known is that price is currently testing the daily pivot on the upside of the 24Hr cycle. A multi-day low was projected for yesterday and it is quite possible that yesterday's 24Hr low was also a MD low. The MD high is projected for around noon today, so any rally should be capped by the green MW MA or blue MD MA before price retests yesterday's low.