Monday 7/20/2015

The monthly chart shows price thus far in July having made a lower low and higher high versus the June candle. Having opened the month below its monthly pivot and the MM MA, price is now trading above each. Until price eclipses the May high, there is still the possibility that May was the multi-year high; we have not yet seen a lower multi-month high which would confirm this, however.

The weekly chart shows price last week making a higher low and higher high versus the prior week, closing above all higher-timeframe MAs and pivots. Price early in this week's candle has opened above the new weekly pivot and has eclipsed last week's high. This action has turned the MW MA upward; should this condition prevail at the close of this week's bar, it would confirm that two week's ago was a multi-month low. The next MM high is projected for mid-August, giving price plenty of time to make new all-time highs. Failure to do so in this MM cycle would likely signal that May was indeed the multi-year high.

The daily chart shows price last week making a higher low and higher high and close each day last week, action so strongly bullish that it hinted by midweek that price was on the upside of the MW and MM cycles. Price today has taken out the June MW high and is just a hair away from taking out the May all-time high. We are overdue for a MW high, and the MW low is projected for 7/28.

The hourly chart continues to show price finding support for its 24Hr lows on the white 24Hr MA or daily pivot. This is behavior of price on the upside of the multi-day cycle. We are well overdue for the MD low to be seen, much less a MD high, as the strength of the MW and likely MM cycles has run roughshod over the 24Hr and MD cycles. We are overdue for a 24Hr high, and the 24Hr low is projected for 11:00am today. At some point the MD cycle will reassert itself and price will break daily pivot/24Hr MA support and test the MD MA below. Given that we are overdue for a MW high, it is very likely that when price finally puts in its multi-day high it will also be a multi-week high, and the decline is likely to test the weekly pivot near 2097.