The daily chart shows price yesterday making a
higher high but lower low and lower close versus Tuesday. Price closed below
the MD MA and just below the weekly pivot. Thus far today price has made a
higher low and is currently testing the MD MA from below.
Yesterday I finally designated last week's brief dip below
the MD MA as a MW high and low, mostly out of boredom in waiting for the market
to show a more normal pullback. There is a possibility that yesterday will
instead prove to be the MW high (Wednesday highs often mark MW highs), but
unless price declines further and at least tests the MW MA I will stick with the
original designation.
The hourly chart finally showed some normal
behavior, as price fell late in the day and made a 24Hr low only two bars past
projection, the first near-normal periodicity seen in a week. Price found
support near the weekly pivot and has drifted modestly higher in overnight
trading. We are in the timeframe for price to make a 24Hr high and the
24Hr low is projected for after the close. We
are also in the timeframe to see a multi-day low. If yesterday was the MD low,
then price will make a higher 24Hr low today. If the MD low has yet to be
seen, then price will obviously take out yesterday's low, which will place it in
the vicinity of the MW MA and bring into question whether last week's high or
yesterday's high was the real MW high.
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