Thursday 7/30/2015

The daily chart shows price yesterday making a higher low, higher high and higher close versus the prior day, with price closing above the weekly pivot and MW MA. Price today has thus made a lower high and is currently trading below its daily pivot. 

Despite yesterday's bullish candle, nothing has really changed from yesterday's commentary; Monday's low was unquestionably a multi-day low, but it is still unknown whether it was also a multi-week low. This will not be known with certainty until price makes a higher MD low or the blue MD MA turns upward. My expectation is that price is on the upside of the multi-month and multi-week cycles and will reach new all-time highs by mid-August.

The hourly chart shows price yesterday rising throughout the day until it found its 24Hr high late afternoon under MW MA resistance. Price then traded sideways overnight atop daily pivot support and beneath MW MA resistance. It is unclear whether an overdue 24Hr low and early 24Hr high were seen in pre-market trading, but price is currently breaking below daily pivot/24Hr MA support.

We are overdue for a MD high to be seen, and this near double-top at the MW MA will likely mark that MD high. If so, I would expect price to also drop below the weekly pivot and test the blue MD MA before finding its MD low. As mentioned yesterday, where price finds support for its MD low will clear up the question of whether Monday was a MW low or merely a MD low. Should price find support at the MD MA or monthly pivot or even double-bottom with Monday's low, it would indicate that Monday was a MW low. A drop below Monday's low would obviously indicate that Monday was only a MD low and that this week's rally was merely the upside of the multi-day cycle.