The daily chart shows price yesterday making a
higher low and higher high versus Wednesday's candle and finding resistance at
the weekly pivot. Price today has again found resistance at the weekly pivot
and is currently trading lower.
Price has been rallying on the upside of the
multi-day cycle, and it is becoming more likely that it has also been on the
upside of the multi-week cycle, but we have not yet seen a higher multi-day low
or the upturn of the MD MA to confirm that Tuesday was a MW low. A MW high is
projected for 10/6, and it will be interesting to see if the weekly pivot/MW MA
provides resistance to put in this high before projection, or if price can reach
(or exceed) the monthly pivot or MM MA before the MW high is seen. An early MW
high under weekly pivot resistance would indicate that we are indeed on the
downside of the multi-month cycle and open up the likelihood of significant price
weakness in the weeks ahead.
The hourly chart shows price yesterday making a
24Hr low on daily pivot support and rallying into the close and in overnight
trading. Price paused at weekly pivot and MW MA resistance in today's
pre-market trading until a weak jobs number sent price sharply lower. A 24Hr
high was obviously seen this hourly bar, which confirms yesterday's high as a MD
high. A 24Hr low is projected for early afternoon, and we are also in the
timeframe to be seeing a MD low made. If price has seen an early MW high, it is
likely that the MD low could extend in time. If the MW high is still ahead of
us, price should make a higher MD low than the 9/29 MD low and head higher into
next week.
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