Wednesday 9/30/2015- a likely Multi-week low was seen yesterday

The daily chart shows price yesterday forming a doji candlestick on the lower channel support line. Price today has thus far made a higher low and higher high and is currently testing the MD MA.

Yesterday was obviously a multi-day low; given that we were in the timeframe to see a multi-week low, it is very possible that yesterday was also the MW low.   If so, I would expect price to stage a nice rally over the next week as price searches for its MW high which is projected for 10/6.  The first target area for the rally is the weekly pivot at 1928.50, which will likely be a confluence area with the green MW MA in the next day or two.  There is still a slight probability that yesterday's low was not the MW low, in which case price should find resistance at the blue MD MA and resume its move down.  The strong candlestick reversal signal in the projected timeframe for a MW low is hard to ignore, however.

The hourly chart shows price yesterday making a 24Hr and MD low and then rallying to its 24Hr high in late morning.  Price then saw a higher, half-span 24Hr low which was a possibility mentioned in yesterday's commentary.  Price has since moved higher overnight, riding Session MA support on the way up to its 24Hr high which is projected for late morning.  If price is also on the upside of the MW cycle, I would expect the 24Hr high to extend in time and allow price to eclipse the MD MA; if price is still on the downside of the MW cycle, look for price to make its 24Hr high at MD MA resistance and then reverse.