Price yesterday made a higher low but lower high
and close versus Tuesday, and thus far today has opened below its daily pivot
but is currently trading above it. It appears that Tuesday was a multi-day
high; the multi-week high was projected for yesterday, but until price trades
below the blue MD MA and turns that average downward we must assume that price
has another multi-day cycle to go before the MW (and MM) high is seen. As
mentioned in yesterday's blog, I do not think this market finds its multi-month
high before setting new all-time highs.
The hourly chart shows price yesterday making a
slightly lower 24Hr high just before the NY open and then trading below the 24Hr MA
and daily pivot. This behavior indicates that price was on the downside of the
multi-day cycle, and I have marked Tuesday as the MD high. Once again price was
unable to reach the MD MA before finding its 24Hr low, and with price recently
breaking through daily pivot resistance, it is possible that we are once again
on the upside of the multi-day cycle. A 24Hr high is projected for just before
the NY open, but where price finds its 24Hr low (projected for early afternoon)
will do more to confirm whether we are on the upside or downside of the MD
cycle; a higher 24Hr low on 24Hr MA/daily pivot support would confirm yesterday
was a MD low, while obviously a lower 24Hr low today would mean that it was
not.
Consistent with my belief above, should price find
support on the daily pivot for its 24Hr low this afternoon, I believe it will be
an excellent time to trade on the long side for a move to new highs in coming
days.
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