Price yesterday yet again made a lower high, low and close, as we continue on the downside of the multi-month,
multi-week and multi-day cycles. The August low was briefly taken out
(horizontal dashed line) before we rallied to cut the losses in half. Price
today has opened above its daily pivot and is currently trading slightly above
yesterday's close.
We are extremely overdue to see a MW low. Wednesdays have been popular days for MW highs and lows lately, and it is
possible that Wednesday again marked the MW low. An inversion is also very possible,
where the MW low is seen in the timeframe that we should be seeing a MW high;
the MW high is projected for tomorrow, but that does not mean that it could not
come earlier or later than projection. A close above the blue MD MA and a move
higher the following day (something not yet seen this year) would be a strong
indication that the overdue MW low has finally been seen. Whether that MW low
will also prove to be a MM low or even the MY low will still be uncertain until
we see how price reacts to higher timeframe resistance such as the MW and MM MAs
and the weekly and monthly pivots.
The hourly chart shows price yesterday falling
sharply into a 24Hr low early afternoon, and then rising into the close and
after hours trading until finding a 24Hr high under MD MA resistance. Price in
overnight trading saw price make an early, half-span 24Hr low at daily
pivot/24Hr MA support, and we are currently starting to move higher. This action
indicates that yesterday was a MD low; given the overdue nature of the MW low it
is also very likely that it was also the MW low, but that has been said about
the last several MD lows and proved untrue.
A 24Hr high is not due until well after the close. If yesterday's low was the overdue MW low, price should be able to move higher
throughout the day ( a trend day up) and eclipse the MD MA on its way to eventually testing the
green MW MA over the next several days.
No comments:
Post a Comment