Good morning for Friday, June 15th. The daily chart shows price yesterday opening below the daily pivot but making a higher low and higher high. Price today has opened above the daily pivot and made a higher high, testing higher timeframe resistance in the form of the monthly pivot and MM MA from below. If we are still on the downside of the MW cycle, the trough of which is projected for Tuesday, then price should not take out last week's MW high. It is possible that the MW low has already been seen, but a higher MD low is needed to confirm and that is projected for Sunday evening.
The hourly chart shows price yesterday morning making a higher 24Hr low and then making a series of higher session highs and lows before possibly finding its 24Hr high at the 4:30am Central bar this morning. We were overdue for a multi-day high, and yesterday's move and today's halting of it at monthly pivot resistance make it likely that this morning saw that high. A multi-day low is projected for Sunday evening trading. We are currently overdue for a 24Hr low; if we are coming out of a MD high, the 24Hr low would be expected to right-translate in time and also take out the daily pivot to test MD MA support (blue dotted line), though it is possible we will see another lower 24Hr cycle before that occurs. We are in the timeframe to find a session cycle low. A lower session cycle high projected for 10:15am Central is needed to confirm this morning's high was a 24Hr high. The bias for the morning should be bearish, though I thought the same yesterday. Any down move today and possibly into Monday should provide a good buying opportunity for the expected strong move up the remainder of next week.
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