Price yesterday made a higher low and and higher
high versus Wednesday's candle, but closed slightly lower after testing monthly
pivot resistance. Price today opened below the daily pivot and thus far made a
lower high and lower low. The action of the past few days has started to turn
the MD MA downward, behavior that hints at last Friday being an early multi-week
high (more on this below).
The hourly chart shows price yesterday making its
24Hr high at monthly pivot resistance and falling throughout the remainder of
the day and in overnight trading back below the weekly pivot. We are overdue
for a 24Hr low to be seen, and a 24Hr high is projected for noon. A close above the gold Session MA and an upturn in
that average will be a good indication that the 24Hr low has finally been seen and that price is on the upside of the 24Hr cycle.
Unless today's 24Hr high is able to eclipse yesterday's high,
however, it will mean that yesterday was also a multi-day high. A multi-day
high that was lower than the prior MD high means that price has been on the
downside of the multi-week cycle. This would confirm that last Friday was a half-span MW high, which would take much of the
bullishness out of the prior half-span MW low; it would indicate that price is either ready to take another leg down or that price is entering a triangle consolidation period.
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