Price yesterday made a hammer-like candle on
trendline support just two days shy of the projected date of the multi-week low,
giving hopes that perhaps the MW low was seen on Monday. Trading today has
dashed those hopes as price opened above its daily pivot but has sold off
sharply and taken out Monday's low. The MW low is projected for tomorrow; an
early low (today) would make for a fairly usual Wednesday MW high/low, while an
extension beyond tomorrow would obviously be more bearish.
The hourly chart shows price yesterday making a
higher 24Hr low in pre-market trading, indicating Monday's low was a multi-day
low. Price was unable to move above its daily pivot or the prior 24Hr high,
however, a sign of extreme weakness that hinted at the large drop to come. We
are now in the timeframe to see a 24Hr low, but with price again on the downside
of the MD, MW and MM cycles, it would not be surprising to see this low extend
in time. The 24Hr high is projected for late afternoon.
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