Yesterday saw price make a higher low and higher
high but solidly lower close versus Tuesday. Price today has opened below its
daily pivot and is trading below the monthly pivot and the MD and MM MAs. We are obviously on the downside of the multi-day cycle; given the overdue nature of
the MW high, it is likely that we are now also on the downside of the
multi-week cycle. If so, price would be expected to decline to the MW MA and
weekly pivot at 2035-2037, and possibly even down to the dashed green trendline
drawn from prior multi-month lows. The projected date for the MW low is
1/6/15.
The hourly chart shows price yesterday falling
throughout the day after having made a MD high just after the close Tuesday. It
appears that we saw a 24Hr low at the close yesterday, but price was unable to
muster much of a bounce, making its 24Hr high well below the daily pivot and
24Hr MA, a bearish sign of weakness. Price has since broken below the MD MA in
pre-market trading, making it likely that the MD high was also a MW high.
A 24Hr low is not projected until today's close. With price also being on the downside of the multi-day cycle and possibly the
multi-week cycle, I would expect price to continue falling all day; a test of the
MW MA at 2038 would be the first likely target.
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