Price yesterday made a lower high, low, and close
versus Friday. Thus far today price has opened below its daily pivot and made a
lower low but is currently trading above yesterday's close. The last two days
have shown behavior indicative of being on the downside of the multi-day cycle,
but it is uncertain whether we are also on the downside of the multi-week
cycle. The MW low is projected for Friday, but thus far the MD MA continues to
provide soft support for price. As mentioned yesterday, I expect price to move
lower this week into its MW low, but if price instead launches higher I must
assume that the MW high and low have already been seen (marked with "?") and
price will continue to rise into the next projected MW high due
mid-March.
The hourly chart shows price yesterday finding soft
resistance at the daily pivot near noon for its 24Hr high. Price then fell
through the remainder of the day and made a lower 24Hr low in overnight
trading. Given that price has since rallied above the 24Hr MA and daily pivot,
it appears that the overnight low was also a MD low. A 24Hr high is projected
for early afternoon, and the daily pivot/24Hr MA should provide support for the
next 24Hr low due well after the NY close. If price is on the upside of the MW
cycle, price should eclipse Friday's high in the next
few days. Failure to do so will confirm Friday as a MW high.
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