The daily chart shows price yesterday opening above
its daily pivot and making a large bullish candle, closing right at the
confluence of the MW MA, monthly pivot and weekly pivot. It appears the overdue
multi-week low was indeed seen on Tuesday, though it is still premature to make
an official designation of the low (a higher multi-day low is needed to
confirm). The MW high was projected for yesterday, and with price having to
contend with the triple confluence of potential resistance mentioned above, it
will be interesting to see how far this rally can go in both time and price.
It has been mentioned that price appeared to be on the downside of the multi-month cycle as well as the multi-week cycle. We were in the time window for a multi-month low to be seen, so it is possible that the Tuesday low was also a MM low. If so, the multi-day and multi-week highs may extend in duration, enabling price to make new highs before the MW high is seen.
The hourly chart shows price yesterday surging up
after the NY open and making its 24Hr high just above the green MW MA. Price
then traded sideways around the gold session MA. It appears that a 24Hr low was
made somewhere in this sideways trading, and price has since been finding
support on its session MA and is lifting it higher indicating we are on the
upside of the 24Hr cycle. A 24Hr high is projected for late morning, and we are
overdue for a multi-day high to be seen. A MD low is projected for tomorrow,
and a higher MD low (preferably made on MD MA support) will confirm Tuesday as
the MW low.
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