The daily chart shows price yesterday making a
higher low and higher high versus the prior day and closing above the weekly
pivot/monthly pivot confluence. With the upturn of the blue MD MA, we can
officially label Tuesday's low as a multi-week low. Price thus far today is
wearing the daily pivot as a hat and has made a lower high and lower low. This
is behavior that hints that price is on the downside of the multi-day cycle;
since we are in the timeframe for the projected MW high, we must be open to the
possibility that yesterday was both a MD and MW high. There will be more
discussion about this in Monday's commentary when we have more price-based
evidence to weigh.
The hourly chart shows price making a 24Hr high
late morning yesterday, exactly 24 hourly bars after the prior 24Hr high. Price
overnight drifted below the white 24Hr MA and price has been unable to get back
above it. This is behavior indicative of price being on the downside of the
multi-day cycle. It is uncertain at this point whether a 24Hr low was made
overnight and the attempt to breach the 24Hr MA several hours ago was a lower
24Hr high. Price is currently trading slightly below the MW MA; this MA and
the weekly/monthly pivot confluence area are logical places for price to find
support for the 24Hr low and multi-day low, with the blue MD MA further below as
another potential backstop. The MD low is projected for around noon today.
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