Good morning for Thursday, June 14th. The daily chart shows price yesterday making a higher high and higher low but opening above the daily pivot and MD MA but closing below both. Today price has opened below the daily pivot and thus far been an "inside day" compared to yesterday's price candle. Price thus far appears to be correcting sideways during the downside of the multi-week cycle. The trough of this MW cycle is projected for next Tuesday, though a left-translated low would not be surprising coming out of a multi-month low so it come earlier than projection.
The hourly chart shows price in a narrow trading range chopping around both the MD and 24Hr MAs. While the Sunday evening MD high is easy to see, there has not yet been an obvious MD low and we are well overdue for one. It is possible that the low came Monday after the close or the Tuesday morning near-double bottom (or in between the two) and that the effects of the cycle were suppressed by the MM cycle and the MW MA which has acted as support. If this is the case, we are currently in the timeframe for a MD high which has likewise not expressed itself in price behavior except for a slightly higher 24Hr low. This may also be due to a longer timeframe cycle (the MW cycle) suppressing smaller timeframe behavior. A 24Hr low is projected for just after the close, and a 24Hr high is projected for overnight, but the 24Hr cycle has been difficult to distinguish at times during this sideways trading. The session cycle has been just as difficult at times and currently I am unable to determine where we are trading in that cycle. With the 24Hr MA acting as resistance and a 24Hr low projected for the close (and possibly a MD low in front of us), trading to the short side should be the best play today. Any break above the overnight 24Hr high will signal that the 24Hr low has been put in early and would negate a bearish bias.
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