The daily chart shows price yesterday making a
lower high and lower low and close versus Tuesday's candle. Price today has
thus far made a lower high and lower low as price continues to search for its
multi-week low which is projected for today. Should price find a higher MW low
today or tomorrow it would be mildly bullish as we will be continuing a pattern
of higher MW lows and higher MW highs since the August multi-month low. A
breach of the September MW low would suggest that the last week's high was also
an early multi-month high and be more bearish. Obviously, a breach of the
August multi-month low would indicate that price is still on the downside of the
multi-year cycle.
The hourly chart shows price making a 24Hr high
against daily pivot resistance in yesterday's pre-market trading and finding
support on the 24Hr MA for the remainder of the day. Price broke that support
in after-hours trading and that support has turned to resistance in overnight
trading. Much like Monday/Tuesday, it is unclear whether a 24Hr low and 24Hr
have been seen overnight. Days later it remains unclear whether the earlier case
was indeed an intervening 24Hr low and high; hopefully today's situation will
become more evident after today. If the high of several bars ago was indeed a
24Hr high, it sets us up for a possible trend day down as price will be on the
downside of the 24Hr cycle and MD cycle throughout the day.
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