Price yesterday made a higher high but closed
little-changed versus Monday's candle. Price thus far today has traded in a
tight range around its daily pivot. This weak follow-through of Friday's strong
rally makes it unclear as to whether Friday was a multi-week low or merely
a multi-day low; my belief is that it was the former, and price is now just
correcting through a multi-day cycle. If so, price should soon resume its move
higher, with the MW MA at the 2071 area being the next resistance area for price
on its way to the projected 11/25 MW high.
The hourly chart shows price yesterday making a
24Hr high just above the MD MA and dropping modestly into its 24Hr low just
before the NY close. Price found support for that low at the weekly pivot, and
did so again just a few hours ago. We have rallied back up to the daily pivot
where price seems to be finding resistance, indicating that yesterday was likely
a multi-day high. A 24Hr high is projected for early afternoon, but if we are
on the downside of the MD cycle then it is possible that the daily pivot will provide resistance for an earlier-than-projected 24Hr high. If the weekly pivot
can continue to provide support for the next 24Hr low (and likely MD low) it would be a bullish
indication that last week was indeed a MW (and perhaps MM) low.
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