The daily chart shows price for the fourth straight
day making a higher low and higher high. Thus far today price has opened above
the daily pivot and made a higher low and high. Price continues on the upside
of the multi-week cycle, and as it challenges all-time highs it is looking
increasingly likely that it is also on the upside of the monthly cycle. If so,
we will eventually see a higher multi-week low (the MW high is already overdue)
and the green MW MA will also turn upwards. The multi-month high is projected
for mid-August, giving price plenty of remaining time in the MM cycle to make
new highs. Failure to do so would be a strong indication that the multi-year
cycle has indeed seen its high and is rolling over.
The hourly chart shows price essentially trading
sideways yesterday as price once again corrected in time rather than price. The
24Hr low was made an hour before the close just below the daily pivot but price
quickly regained the pivot and traded higher overnight.
The 24Hr highs have lengthened recently, and the
multi-day cycle is well overdue to see a MD high and low. The apparent muting
of these cycles is another indication that we are likely on the upside of the
multi-month cycle as well as the multi-week cycle. While the odds increase that
the next 24Hr high will also be a multi-day high, there is little certainty how
long the MD cycle will remain muted and it is increasingly difficult to project
the 24Hr high itself.
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