The daily chart shows price trading sideways the
last several days, finding support at the MD MA but unable to overcome
resistance just below the prior multi-week high. The MW high was projected for
two days ago, and a break and close below the MD MA will very likely indicate
that the MW high has been seen. The next MW low is projected for 12/8, and
where that MW low is made will be very informative as to where price is in the
multi-month cycle. Should the green MW MA and/or weekly pivot provide support
for the MW low, it would indicate that price is still on the upside of the
multi-month cycle. Failure to find support there would indicate that price is
still on the downside of the MM cycle and mean a retest of the November low for a double bottom or lower low is in store in the weeks ahead.
The hourly chart shows price rising to a 24Hr high
and likely MD high in early Thanksgiving trading. Price then fell below the
daily pivot and 24Hr MA, finally finding support at the MD MA for what was
likely a 24Hr low. A 24Hr high is projected for noon, and if we are on the
downside of the MD cycle then price should find resistance for this high at the
24Hr MA or daily pivot. Should price break below the MD MA for its next MD
low, it will indicate that the MW high is behind us; in that scenario I would
expect price to drop lower to test the green MW MA or the weekly pivot within the
next several days.
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