From yesterday: " I expect very little volatility today as there is little reason to assume that price will break above monthly pivot resistance or below weekly pivot resistance today..."
Calls really don't get much worse than that one. After typing it I knew that I was almost guaranteeing a big move since the market almost always makes my proclamations look foolish. I think I decided to leave it in as a challenge to the market; well, challenge accepted.
The lone reader of this blog noted "you mentioned that price was behaving as if it were on the upside of the multi-week cycle, and you believed that the 24Hr low may have been put in early on higher timeframe support. Why didn't you assume that since we were due for a multi-day low to be found that this higher timeframe support would also provide support for the MD low? Wouldn't this mean that price would be on the upside of the daily cycle, MD cycle, and MW cycle? Shouldn't we have expected this trend day up?"
Damn fine point, reader. The answer to both of your questions are "yes", but you already knew that.
Due to popular demand from the readers of this blog (fortunately "one" constituted a quorum), I am taking a break from the blog today for appointments and errands. But unfortunately, dear reader, I'll be back posting before the market opens tomorrow.
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