8/4/2015 late-morning update

I foolishly assumed that this morning's pre-market attempt to clear the daily pivot was the 24Hr high despite it not being confirmed by a lower Session high 5 to 7 bars later.  Following that belief I assumed eclipsing this morning's high would indicate that the 24Hr low was in and that we would then be on the upside of the multi-day cycle.  While that scenario may still be the case, I must point out the alternative which is that the 24Hr high has not yet been seen (or was seen this bar), and that price has yet to seek out its 24Hr low; if so, it is still entirely possible that the 24Hr low will be lower than yesterday's low.  My belief is still that we will see a sharp move up once the multi-day low is in place, but it is possible that low is not yet in.