Friday 12/4/15

The daily chart shows price yesterday making a lower high and sharply lower low and close versus Wednesday's candle.  With a close below both the monthly pivot and MM MA, it is obvious that the overdue multi-week high was seen on Wednesday (yet another Wednesday MW high/low).  Price today has opened below its daily pivot and has thus far been little-changed from yesterday's close.  A MW low is projected for 12/8, and bulls need to hope that the monthly pivot and MM MA can provide "soft" support for this low.  The lower MW high already indicates that price is on the downside of the multi-month cycle.  Failure to find support at this level also puts the belief that price is on the upside of the multi-year cycle in serious jeopardy.

The hourly chart shows price yesterday making a 24Hr high before the NY open and falling hard throughout the day into its 24Hr low at the close. Price rallied in overnight/pre-market trading back up to the daily pivot (and monthly pivot), where it found resistance.   We are in the timeframe for price to see a 24Hr high, and it is possible that the high was already made under this pivot resistance.  A 24Hr low is not projected until the close, but if yesterday's 24Hr low was also a MD low (and perhaps MW low), then price should be able to break through this resistance and test the MD and MW MAs. Until price actually breaks above this resistance, however, trading should be done to the short side today.