Tuesday 3/15

Price yesterday made a slightly higher high but closed slightly lower versus Friday.  Price today has thus far made a lower high and lower low than yesterday.  Today's behavior is indicative of price being on the downside of the multi-day cycle.   If February saw a multi-week high and low, today would also be the projection for the next MW high.  As mentioned yesterday, however, the MW cycle has been difficult to discern since the February multi-month low, so it is possible that the MW high was instead seen a little over one week ago and the next MW high will not be due until the end of the month.

 

The muting of the MW low is due to the strength of the upward move in the MM (and possibly MY) cycle, so it is possible that we will not see a substantial correction into a MW low until the multi-month high has been seen.  When price breaks the dashed green trendline which closely matches the slope of the green MW MA, it will be a strong hint that the MM and MW highs are in and price would be expected to test the monthly pivot or MM MA before finding its MM low. 

 

 

 

The hourly chart shows price yesterday making a 24Hr low above daily pivot support and then rising into the close where it made a higher 24Hr high.  Price has drifted steadily lower in overnight and pre-market trading as price searches for its 24Hr low, projected for noon.

 

The fact that price is trading below the daily pivot and 24Hr MA indicates that price is now on the downside of the multi-day cycle.  Given the unknown status of the MW cycle, we must be wary that any MD high could possibly be the MW high.  If we are still on the upside of the MW cycle, price should find support on the MD MA or weekly pivot (both dark blue).  Should price fail to find support at these levels it would indicate that price is on the downside of the MW cycle and a dip down to the green MW MA would be expected over the next few days.