The monthly chart shows price thus far in August
having made a higher low and higher high as price continues on the upside of the
multi-year cycle.
The weekly chart shows price last week making a
higher low and higher high as price continued on the upside of the multi-month
cycle. We are near the level of the March high and overdue for a MM high to be
seen; in fact, a MM low is projected for this week.
The daily chart shows price Friday making a lower
low and finding soft support on the MD MA. Price today has opened above the
daily pivot and made a higher high but is currently trading little-changed.
Notice the white daily pivot points have been grouped in the same area the past
four trading days; this indicates a loss of price momentum and common pivots
often mark the termination of a move. We are extremely overdue for a MW high to
be made, but price shows no signs yet of that high being in.
The hourly chart shows price making what appears to
be a multi-day low on Friday an hour after the NY open and a 24Hr high an hour
before the close. Price overnight Sunday put in a higher 24Hr low on MD MA
support and price has bounced and eclipsed Friday's high. A 24Hr high is
projected for several hours after the NY close, and we are currently in the
timeframe to see a session cycle low.
A session cycle low due near the NY open and a 24Hr
high due after the close is a combination that should make for a good day to
trade from the long side. The frequency of half-span 24Hr cycle highs and lows and the extreme lengths of the current multi-month and multi-day cycles have me concerned enough that I am not married to the idea of long-only trading
today, however.
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