Wednesday 2/10/16

Price yesterday made a lower high and higher low versus Monday, closing modestly lower on the day.  Thus far today price has opened above its daily pivot and is trading above yesterday's high, behavior indicative of being on the upside of the multi-day cycle- meaning that Monday was a MD low.  If Monday was also the MW low, then price will rally above the blue MD MA and turn that average upward; if the MW low, projected for tomorrow, has yet to be seen then price will find resistance here at the MD MA and turn lower into its MW low.

The hourly chart shows price yesterday trading mostly sideways, chopping above and below the 24Hr MA and seeing several half-span shifts of the daily cycle.  The higher 24Hr low confirmed the Monday low as a MD low, and the expectation then becomes that price will visit the MD MA before finding its MD high.  Price neared the MD MA last hour (and eclipsed the MD MA on the daily chart), but is currently trading down to the Session MA; it may be that price is merely making a Session low on Session MA support before resuming higher in search of its 24Hr high projected for the close, or price may have made yet another early 24Hr high and will spend the day moving lower.  The ability of the Session MA to provide support on a closing candle basis will let us know which to expect.

We are overdue to see a multi-day high, so it is likely that the next 24Hr high will also be the MD high.   Where price then makes its next MD low will determine whether Monday was merely a MD low or if it was also a MW low.  If it was merely a MD low, price should take out Monday's low in the next couple of days.