The daily chart shows price yesterday opening above the daily pivot and making a higher low and higher high. Price today has opened above the daily pivot and eclipsed yesterday's high. We are in the timeframe for a MW high to be made (my projection is for tomorrow), and currently price is at the same level as the prior MW high of 7/5/12. A double-top often marks the turn of a higher timeframe cycle, so a double-top of multi-week highs could indicate the multi-month cycle is rolling over. We shall see whether price can manage to avoid this situation by convincingly taking out the 7/5 high before the MW cycle high is put in.
The hourly chart shows price yesterday morning finding frequent support on the daily pivot and making its 24Hr low there before moving higher the remainder of the day. We are in the timeframe for a 24Hr low to be made, and it is unclear when or even if we have made a 24Hr high. We are in the timeframe for a MD cycle high, and as mentioned above, a MW cycle high to be made, so it is possible that price has severely right-translated this 24Hr high. A session high is projected for 10:00am Central.
I believe a 24Hr high has just been made an hour ago and price is on its search for the 24Hr low. There is a possibility that price can find support at the white 24Hr MA or the yellow daily pivot for this 24Hr low, then make another higher 24Hr high before the multi-week cycle rolls over. There is a substantial chance, however, that a 24Hr high and MW high, and likely even the MM high has been seen, which would lead us to a sharp sell-off. I will bail on my longs at the open in my trading accounts and see how price acts around the 24Hr MA and daily pivot before deciding whether to trade long or short.
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