Good morning for Wednesday, June 13th. The daily chart shows price yesterday making a lower low and lower high, opening below the daily pivot but closing above it. Price today has opened above the daily pivot but is currently testing the daily pivot and MD MA from above. I am still leaning toward Monday having been a multi-week high, in which case price will have a tough time moving higher until finding its multi-week low projected for early next week. If we are on the upside of the multi-month cycle as I believe, then price could correct sideways while price rides out the MW cycle, but a break of the weekly pivot would not be out of the question given the amount of time remaining before the projected MW low.
The hourly chart shows price yesterday finding support on the green MW MA before finding its 24Hr high just before the close. Price overnight made a one-tick higher high and formed a double-top with the 24Hr high before retreating and is currently testing the daily pivot in search of its 24Hr low. If the 24Hr highs and lows designated on the chart are correct then we are overdue for a 24Hr low. It is possible that the 10:30am Central test of the MW MA yesterday was a short-cycled 24Hr low and that a 24Hr high occured several bars earlier; if this is the case then the last 24Hr low and high will have been half-span shifts and the 24Hr low will not be due until 11:30am Central. There has been no price behavior to indicate that we have yet seen the now-overdue MD low. If price breaks the daily pivot, I would expect another test of the MW MA before finding this MD low. A session low is projected for 10:00am Central.
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