Wednesday 8/12/15

The daily chart shows price yesterday making a slightly higher high and slightly lower low as price gave back most of Monday's gains. Price today opened below the daily pivot and traded below the July 27 multi-week low but has thus far recovered back above the lower triangle boundary. With the action of the prior two days, it does appear that Monday's move up was just a sharp move into a multi-day high and that price is still on the downside of the multi-week cycle. The multi-week low is projected for 8/18, giving price plenty of more time to decline into its MW low should the lower triangle boundary fail to hold.

The hourly chart shows price yesterday dropping throughout the morning until finding its 24Hr low mid-afternoon. Price then rallied back in late afternoon trading until finding its 24Hr high under daily pivot and 24Hr MA resistance, confirming that price was on the downside of the multi-day cycle. Price then fell off sharply in overnight trading, taking out yesterday's low.

Price is currently trading above the gold Session MA, which likely indicates that the 24Hr low was seen several bars ago. Confirmation of this would come with a higher Session low due roughly an hour after the NY open. With the 24Hr low not projected until early afternoon, we must remain open to the possibility that price will instead see a lower Session low and new lows.