The daily chart shows price yesterday making a
lower high and lower low versus Friday's candle with price finally breaking
below the MD MA and turning that average lower. Price thus far today has opened
below its daily pivot and is trading modestly lower from yesterday's close.
This indicates that last Tuesday was
indeed a multi-week high and that price is on the downside of the MW cycle, but
it remains to be seen whether it was also a multi-month high; price found
support yesterday on the MW MA, and if it can do so again today and close higher
it would leave open the possibility that price is still on the upside of the MM
cycle. It should be noted that we are already slightly past due for a MW low to
be seen, and the MW MA currently being tested is a logical place to find support
for that low. Trading below the MW MA and weekly pivot would mean that the MM
high has also been seen, and we would then expect price to test the monthly
pivot or MM MA as it seeks out its MM low.
The hourly chart shows price yesterday falling
sharply into its early afternoon 24Hr low, just one bar past projection. A 24Hr
high was seen overnight under daily pivot resistance and price again broke
lower. The 24Hr low is projected for early afternoon, and we are overdue for a
multi-day low to be seen. It is possible that yesterday was the MD low, in
which case we should see an early, higher 24Hr low, but until price breaks above
the gold Session MA and pulls that average upward, Session MA resistance is to
be shorted.
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