Price yesterday made a lower low but higher high
and close versus Tuesday as price continued on the upside of the multi-week
cycle. Price thus far today has made a lower high and is trading slightly
lower. We are just past due to see a MW high; readers of this blog will
know that Wednesdays often mark MW highs or lows, but thus far there is little
indication that yesterday was a MW high. Price closing below its daily pivot
would be the first necessary indication, followed by price trading below the
blue MD MA and turning that average downward.
The hourly chart shows price yesterday making what
appears to be a 24Hr high late morning and finding support on the 24Hr MA and
daily pivot for its 24Hr low just one bar later. Price has since coiled around
the daily pivot and 24Hr MA but has not taken out yesterday's high or low.
Should price find resistance here at the daily pivot and trade lower today, I
will mark yesterday's high as the multi-day high. Should price break above
daily pivot resistance and take out yesterday's high, I will mark Tuesday's high
and low as the MD high and MD low. A break of the overnight lows should lead to
a test of the MD MA, and likely the green MW MA/monthly pivot confluence area
over the next several sessions.
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