The monthly chart shows price in June having madea lower low and lower high but finding support on the MY MA and closing above the monthly pivot. With the July candle closing today, price has opened above the monthly pivot and made a higher low and higher high. It is appearing more likely that the recent pullback to the MY MA was merely the downside of the multi-month cycle, though until we eclipse the March highs or break the June lows the status of the MY cycle is uncertain.
The weekly chart shows price last week opening below the weekly pivot and making a lower low, but boncing off higher timeframe support and closing well above the weekly pivot while making a higher high. Price early in this week's candle has opened well above the new weekly pivot but has shown little movement. The price action indicates that we are still on the upside of the MM cycle. We are overdue for a MM high to be seen, but the March high is within striking distance and eclipsing that high is needed to show we are still on the upside of the MY cycle.
The daily chart shows price making a Wednesday low on monthly pivot and MM MA support and closing on a Friday high above the prior MW high. Price today has opened above the daily pivot but has thus far traded in a narrow range. The next MW high is projected for Thursday.
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