The daily chart shows price yesterday opening well
above the daily pivot and making a higher low, higher high and higher close.
Price today has again opened above the daily pivot and has thus far made a
higher low and higher high. With price above the last remaining area of higher
timeframe pivot or MA resistance, price is squarely on the upside
of the multi-week cycle. The May/June double top of MW highs is the only
remaining resistance to price; if we are on the downside of either the
multi-year or multi-month cycle, I would not expect price to be able to eclipse
those highs; naturally, the ability to reach new all-time highs would indicate
that we are on the upside of both those cycles.
The MW high was projected for yesterday. The mere
fact that the high was not seen earlier than projected is a clue that price may
also be on the upside of the MM cycle, though there is no true confirmation of
this yet. On the downside of the MM cycle, though, one would have expected the
MM MA to have provided resistance to put in the MW high. An upward turn of the
green MW MA and a higher MW low will eventually confirm the upside of the MM
cycle.
The hourly chart shows price yesterday making its
24Hr low on 24Hr MA support before the NY open. Price made its 24Hr high in
overnight trading but has once again corrected sideways into the time window for
its 24Hr low. Yesterday was the projection for the multi-day high, but as long
as price continues to find support for its 24Hr low on 24Hr MA or daily pivot
support, the MD cycle has not turned. When price breaks this support, I would
expect a fairly sharp correction down to the blue MD MA or the monthly pivot
(both currently in the 2074 area).
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