The daily chart shows price yesterday making a
higher high and higher low but lower close versus Wednesday's candle. Price
thus far today has opened below the daily pivot and has taken out yesterday's
low.
It remains to be seen whether Wednesday's low was a
multi-week low. Wednesday lows frequently mark multi-week lows, and the blue MD
MA has started to turn upward, which would indicate that price is on the upside
of the multi-week cycle; with price trading back below that moving average,
however, that turn is not yet definitive. A MW low is projected for early next
week, so we will see if price can move lower by then to take out Wednesday's
low. If not, it will further strengthen the triangle pattern which is quickly
nearing its apex.
The hourly chart shows price yesterday dropping
down to the daily pivot for its 24Hr low but being unable to break MW MA
resistance and surpass yesterday's 24Hr high. This indicates that yesterday's
pre-market high was also a multi-day high. A 24Hr low is projected for late
morning, and price should take out yesterday's low before then if we are still
on the downside of the MD cycle.
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