The daily chart shows price yesterday making a
higher high and higher low but lower close versus Monday's candle. Price today
has opened below the daily pivot and thus far made a lower high and lower low
and is testing the MD MA, MW MA, MM MA and monthly pivot confluence area. If
price is still on the upside of the multi-week cycle then price should find
support in this area or at the weekly pivot slightly lower. The MW high is not
projected until next week, but lately the MW highs and lows have been coming
earlier than projected. It is possible that yesterday was an early MW high and
that we are now on the downside of the MW cycle; should price fall back down to
test the lower triangle boundary, it would indicate this is the
case.
The hourly chart shows price yesterday making its
24Hr low on daily pivot support and then finding resistance for its 24Hr high
overnight at the new daily pivot. This lower 24Hr high, as well as the downward
turn of the white 24Hr MA, confirm the overnight Monday high as a multi-day
high. We are in the timeframe to see a multi-day low put in, and the confluence
area of the monthly pivot and MD and MW MAs is a logical place for this low to
be seen. With a 24Hr low projected for early afternoon, it is possible that
this support area will see the low put in early, or price could probe lower for
support at the level of the weekly pivot.
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