The daily chart shows price yesterday making a
lower high, higher low and slightly higher close versus Monday, with price
closing below the daily pivot. Price today has opened below the daily pivot and traded below yesterday's low, but is currently trading above the daily pivot.
There is really nothing different to write from
yesterday's commentary. While it is possible that Monday will prove to be a
multi-year low, and thus was also a half-span multi-month low and a half-span
multi-week low, there is no evidence yet to support this belief. Until price
gives reason to think otherwise, we must assume that price is on the downside of
the MM cycle with a low projected for late September/early October, and on the
downside of the MW cycle with a low projected for September 2. Under this
scenario, any rallies of the multi-day cycle should be capped by the blue MD MA
or perhaps the weekly pivot should price see a more normal corrective
bounce.
The hourly chart shows price yesterday making a
slightly lower 24Hr high before the NY open and selling off during the trading
day. Price found its 24Hr low in after-hours trading and has traded back up to
the 24Hr MA/daily pivot resistance area. Price is currently trading slightly
above this confluence area, but still below yesterday's 24Hr high.
We are in
the window to see a 24Hr high, and the timing and placement of this high will go
far to tell us where we are in the multi-day cycle. While it seems obvious that
Monday was a multi-day low, there has been no 24Hr high that exceeded a prior
24Hr high. Also, the Monday afternoon low was a lower close than the earlier
low's close. Similarly, yesterday's 24Hr low close was lower than Tuesday's
24Hr low close. Thus, it's possible that we are still searching for a multi-day
low (or that yesterday was that low). If price can extend the current 24Hr
cycle in time and take out yesterday's high, we will finally know we are on the
upside of the multi-day cycle. As mentioned above, however, resistance for the
multi-day high should be found at the MD MA or weekly pivot.
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