Market Analysis for 6/20

Good morning for Wednesday, June 20th. The daily chart shows price yesterday opening above the daily pivot and all moving averages and making a higher low and higher high. Price today has opened above the daily pivot and is above yesterday's close though has not yet eclipsed yesterday's high. There is still no clear answer to whether we are on the upside of our 2nd MW cycle since the MM low of 6/4 or we are still trying to find our first MW high out of that low. With every passing day without a pullback, however, I am forced to lean toward the 6/11 candle as a MW high and the following bar as a suppressed MW low. Either scenario is bullish in the big picture.

The hourly chart shows price yesterday making a higher 24hr low on daily pivot and 24Hr MA support, a higher 24Hr high, and another higher 24Hr low on daily pivot and 24Hr MA support. All of this is behavior associated with being on the upside of the MD cycle. We are either very overdue for a MD high, or the Sunday evening high (marked with a "?") was a MD high followed by a very suppressed MD low; we did see a lower 24Hr high the next day which supports Sunday as a MDH, but no lower 24Hr low or test of the MD MA was seen.  If Sunday was a MD high, the next MD high is projected for tomorrow morning. We are currently in the timeframe for a 24Hr high to be made; if price can not get above yesterday's high it will be a lower 24Hr high and indicate yesterday was a MD high. If that is the case, price can be expected to break 24Hr MA and daily pivot support and test the blue MD MA below. Currently, price is testing the 3Hr MA and we are past the projected window for a session high, which may have been made the prior candle. A session low is projected for 30 mins past the NY open.  Note the brown session cycle MA is running parallel to the white 24Hr MA; this behavior often occurs at the ends of cycles, making it more likely that we have seen the 24Hr high. 


A break of the 24Hr MA would confirm the 24Hr high is in, and, with the next 24Hr low projected for after today's close, would indicate one should look for short opportunities today.