Price yesterday made a higher high, higher low and
higher close versus Tuesday as price continued on the upside of the multi-week
cycle. Price today has opened above its daily pivot and is trading
little-changed from yesterday's close as the monthly pivot and MM MA appear to
be providing some resistance. The MW high is projected for 2/23, but higher
timeframe resistance such as this MM MA/monthly pivot confluence could easily
see this high put in early, especially if we are on the downside of the
multi-year cycle. If price is able to eclipse this resistance it would be a
very bullish hint that price is now on the upside of the MY cycle.
The hourly chart shows price rising throughout the
day yesterday until it found resistance at the monthly pivot. It is unclear
whether the overnight dip down to the 24Hr MA constituted a 24Hr low, as price
never made a lower Session high but instead has modestly eclipsed the overnight
high. Should price again rise throughout the day today, it will indicate that
we did see an overnight 24Hr high and low. Given the high potential for the
monthly pivot and MM MA to provide resistance for the MW cycle, I am very wary
of the potential for it to cause an early 24Hr high and multi-day high. A break
of the daily pivot would indicate that at least a MD high has been seen, with
the possibility that the MW high has been seen as well.
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