The daily chart shows price yesterday making a
lower high and lower low but closing little changed from Monday. Price thus far
today has opened above its daily pivot and has made a higher low and higher
high. It appears that we have once again seen a meager downturn of the
multi-day cycle that could not even reach the MD MA before turning back up due
to the upward push of all longer timeframe cycles.
With AAPL earnings having come and gone with no
market impact, we are shockingly in the same spot as we were yesterday;
there is still a possibility that Friday was a half-span multi-week (and likely
multi-month) high, but the odds are higher that price will continue on to a full
cycle with a peak projected for 11/4.
The hourly chart shows price yesterday morning making a
24Hr high below daily pivot/24Hr MA resistance, behavior indicative of being on
the downside of the multi-day cycle. I mentioned that shorting the downturn of
the MD cycle has been futile lately but that the odds still favored a trip down
to the MD MA for a multi-day low. Once again, shorting offered very little
reward as price found an early 24Hr low well above the MD MA and rallied to take
out the morning's 24Hr high, confirming yesterday's low as a multi-day
low.
We are currently in the timeframe to see a 24Hr
high, and while it will be a higher 24Hr high, price has not yet moved up in any
appreciable fashion. Perhaps the market is waiting for the Fed release this
afternoon, but we are in the timeframe to see a multi-day high either today or
tomorrow, and a lower MD high than Friday's MD high would indicate that Friday
was indeed a half-span MW high. If this proves to be the case, I would expect
the market to finally show a correction of some substance in the coming weeks,
with a downward target of the MW MA near 2028 at a minimum. Of course, a rally
above Friday's high on the Fed release will mean that the MW high, and MM high,
are still in front of us.
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