Wednesday 3/23/16

The daily chart shows price yesterday making a higher high and lower low versus Monday while closing one tick lower.  Price today has opened above its daily pivot and is little-changed from yesterday's close.  All evidence points to price still being on the upside of the multi-week cycle, and the MW high is projected for 3/28.

 

 

 

The hourly chart shows price yesterday making a 24Hr low before the NY open and rallying to a higher 24Hr high early afternoon.  I had believed that price would make a lower 24Hr high yesterday, as we were in the window to see a multi-day high and the lower 24Hr low below daily pivot/24Hr MA support was a hint that a MD high had been seen; yesterday's higher 24Hr high and price finding support on the daily pivot/24Hr MA overnight argues that the MD high has not yet been seen.  Price currently appears to be bouncing out of a Session low on the way to its 24Hr high which is projected for early afternoon.