The daily chart shows price yesterday making a
lower high and lower low and closing below the MD MA. Price today has opened
below the daily pivot and has tested the MD MA from below. This is behavior of
price on the downside of the multi-day cycle. The action of the last two days
has started to turn the MD MA downward; should price not recover today or
tomorrow to keep that MD MA from rolling over, it will mean that price is on the
downside of the multi-week cycle as well. If so, a MW low is projected for July
1st, but support from the MM MA or the confluence area of the MW MA, weekly
pivot and monthly pivot could see the MW low put in earlier.
The hourly chart shows price yesterday finding
resistance at the daily pivot and white 24Hr MA and falling through the blue MD
MA. Price made its 24Hr low just after the close and worked higher overnight
before finding resistance at the MD MA. With price currently trading below the
daily pivot and 24Hr MA again, it appears that the overnight trip to the MD MA
was a 24Hr high. Both the 24Hr low and multi-day low are projected for just
after the close today, meaning today could see a bearish trend day. If so, I
expect price to test the green MW MA or the weekly/monthly pivot area around
2091-2093.
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