Wednesday 9/23/2015

Price yesterday made a lower high and lower low, finding resistance at the MD MA and weekly pivot and falling sharply.  Price has made a lower low thus far today but is currently trading above yesterday's close.  We are obviously on the downside of the multi-week cycle, and a MW low is projected for tomorrow.  It is important to remember that this projection carries little weight as price could easily make its MW low today or it could stretch into next week.  When price is able to trade above the MD MA and turn that average upward, we will know the MW low has been seen.

If price is able to make a higher MW low than the September low, it will be a victory for the bulls, as it would indicate that price is still on the upside of the multi-month cycle.   If we are on the downside of the multi-month cycle, price should fall sharply into its MW low, and that low would be more likely to extend in time rather than come before projection.

The hourly chart shows price falling sharply throughout the day yesterday before making its 24Hr low in overnight trading.    Price has since rallied above the 24Hr MA but has found resistance at the daily pivot in pre-market trading.  The area of the daily pivot is also the area that provided support for three 24Hr lows recently, and it was mentioned in yesterday's commentary that we now need to watch this area for possible resistance.  We are overdue for a 24Hr high to be seen, and if we are still on the downside of the multi-day cycle the daily pivot resistance should hold.  Until price can break below the gold Session MA, however, we cannot assume that the 24Hr high has been seen.

We are seemingly overdue to see a multi-day low.  As mentioned yesterday, it is possible that a half-span 24Hr low and high were seen on Monday morning/Tuesday morning (each marked with "?").   If so, that would mean that the Sunday evening 24Hr low was also a MD low, and we could see another 24Hr low or two made before the next MD low.  Where we are in the multi-day cycle will become apparent by the end of today's trading when we see where the 24Hr high and low were made.