The daily chart shows price yesterday making a
higher low and equal high versus the prior candle. Price today has opened above
the daily pivot and has made a higher high. The blue MW MA has just started to
turn upward; should it maintain that by day's end it will confirm Monday's low
as a MW low. With a MW high not projected until 8/12 (around the same time as
the projected MM high), price should make new all-time highs during this
up-cycle.
The hourly chart shows price yesterday morning
dropping below daily pivot and 24Hr MA support but quickly finding soft support
on the weekly pivot. While this was the first logical place to find support for
a multi-day low, I stupidly neglected to mention it as I expected a slightly
sharper pullback to the MD MA. While we did not appear to have a lower 24Hr
high or lower 24Hr low which is almost always associated with the downside of a
MD cycle, I do believe that yesterday was a MD low.
We are overdue for the 24Hr high, and the 24Hr low
is projected for shortly after the close. It is possible that the 24Hr high was
seen several bars ago; a lower Session high (or double-top of Session highs)
would confirm this. If the 24Hr high was already seen, it is also possible that
the 24Hr low was just seen on daily pivot support. Should price take out this
morning's high, I would expect price to have a trend day up. Failure to take
out the morning's high would likely mean that the 24Hr high has not been seen
and price should retest the weekly pivot (or lower if yesterday was not the MD
low).
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