Tuesday 6/2/2015 - A multi-week bottom being made today?

The daily chart shows price yesterday making a lower high and lower low but higher close, closing just above the daily pivot but under MD MA and MW MA resistance. Price today opened right at those resistance levels and has sold off to take out yesterday's (and last Tuesday's) low and has tested the monthly pivot. It was mentioned yesterday that price showed no signs of having yet made a MW low, and the action since then has only provided more evidence that we are still on the downside of the multi-week cycle. If we are still on the upside of the multi-month cycle, price should find support on the monthly pivot for the slightly overdue MW low to be made. Should price today or tomorrow be able to rally above the downsloping MD MA/weekly pivot confluence, the odds are high that the MW low has been made and I would expect price to retest the May highs.

The hourly chart shows wild, choppy action yesterday above and below the level of the daily pivot and weekly pivot confluence. A 24Hr low was made in the 11:00am hour, and a 24Hr high was made beneath the MW MA several hours later. Price has since dropped back below the daily pivot and plunged below yesterday's low to test the monthly pivot, and is currently bouncing from that level.  

The abnormal whipsawing through the daily pivot/weekly pivot area has made it difficult to designate 24Hr highs/lows and thus multi-day highs/lows. I have changed my earlier designation of the MD low to yesterday, though that involves a less-than-desirable 24Hr high designation earlier that day. This is of minor significance to the time projections anyway, and even more so when price is testing levels such as the MM MA and monthly pivot. Higher timeframe support/resistance areas like these can cause lower timeframe cycles to turn, so whether it is early to be seeing a 24Hr low or MD low (or even a MW low), the MM MA and monthly pivot could provide the support for price to find that low. Price made at least a session low around that area, then retested it four bars later for a 3Hr low (which can be 2-4 hrs in length). If price makes a higher session low (5-7 hrs in length) in a couple of hours then it will confirm that the 24Hr low is in. Since we are overdue for the MW low and the monthly pivot can turn the MW cycle, it will also be likely that the 24Hr low will also mark a MD and MW low. Should the earlier low be taken out, we will then be near the time of the projected 24Hr low, so it is likely that low will mark the 24Hr low, MD low, and MW low.