The daily chart shows price yesterday opening above
the daily pivot and making a higher low and higher high and higher close. It
was the fifth straight day of higher lows and higher highs, and hints that price
is also on the upside of the multi-month cycle as well as the obvious multi-week
cycle. Until a higher MW low is seen (projected for 7/28) or until the green MW
MA turns upward, however, the MM cycle low cannot be confirmed.
The hourly chart shows price continuing to find
support for its 24Hr lows on the white 24Hr MA or daily pivot before moving
upward to make higher 24Hr highs. We are long overdue for the multi-day high to
be put in, and in fact are well overdue to see a multi-day low as well; as
mentioned yesterday, this also points to price being on the upside of the
multi-month cycle as the MD cycle is only muted like this when it is being
overwhelmed by two higher timeframe cycles.
Unfortunately, while this has made analyzing the
hourly chart easy, it has made projections pointless since both the 24Hr cycle
and MD cycle are being extended in time by the powerful larger timeframe trend.
Past experience has shown me that forceful moves like this normally end with
either a half-span shift of the 24Hr high, or an inversion, where the 24Hr high
extends so far that it actually occurs at the time of the projected 24Hr low.
The 24Hr high is projected for just after the close; since we are past the time
window for a half-span high to be made, I have no reason to think that the 24Hr
high will not come then or even later than projected. With the MW high and MD
high both overdue, the odds increase that each "next" 24Hr high will be the MD
high and possibly the MW high, and I would expect the next move below the lower
of the daily pivot or 24Hr MA will be the start of a fairly sharp
correction.
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