Tuesday 7/28/2015

The daily chart shows price yesterday making a lower high, lower low and lower close, closing below the monthly pivot. Price today has opened below the daily pivot but thus far has made a higher low and is currently testing the monthly pivot from below. Today is projection for the multi-week low, but it is possible that yesterday was that low (or that the low will extend further in time). Price has much work ahead of it before we can declare a MW low has been seen, but given my expectation for price to make new all-time highs before the next projected multi-month high in mid-August, it is likely that the low would fall earlier rather than later than projected.

The hourly chart shows price selling off throughout Monday's trading until it found its 24Hr low near the NY close as projected. As a side note, the 24Hr low was a textbook double-bottom of Session lows, just as a double-bottom of 24Hr lows marks a multi-day low, and a double-bottom of multi-day lows marks a multi-week low. Though I do not mention anything below the Session cycle (5-7 hour cycle) in this blog, the fractal nature of this market framework extends down to the minute chart where a double-bottom of 5-minute lows marks a 15-minute low.

In after-hours trading, price was able to move above the gold Session MA which then provided support for price to move above daily pivot and 24Hr MA resistance to test the monthly pivot from below. The ability of price to move above the daily pivot and 24Hr MA indicates that yesterday was likely the overdue multi-day low. Price has likely just seen its 24Hr high made against monthly pivot resistance, and the next 24Hr low is again projected for near the close; if we are on the upside of the MD cycle, however, it is likely that the daily pivot and/or 24Hr MA will provide support to put this low in early. My expectation would be for price to find support at the 2068 area early today and then take out this morning's highs to test the blue MD MA or weekly pivot.