Wednesday 7/29/2015

The daily chart shows price yesterday making a higher low and higher high and closing in the area of the MM MA and MW MA. Price today has opened above the daily pivot and is currently testing the weekly pivot from below. Monday was definitely a multi-day low, but the bigger question is whether it was also a multi-week low. If it was, price should now be on the upside of the MW and MM cycles until the 2nd week of August and my expectation is that price will attain new all-time highs by then.

The hourly chart shows price yesterday making its 24Hr low on 24Hr MA/daily pivot support, confirming Monday's low as a multi-day low. Price then rallied up to the MD MA and weekly pivot where it is currently finding resistance. We are overdue to see a 24Hr high, and the weekly pivot is a logical place for this high to be made.

The 24Hr low is due mid-afternoon, and where it is made will provide valuable information. If the 24Hr MA or daily pivot provide support for the 24Hr low then price is still on the upside of the MD cycle. We are overdue for a MD high to be seen though, and the weekly pivot is a logical place for that high to be found as well; should price pull back to the monthly pivot or lower, it would indicate that price is on the downside of the MD cycle.  A higher MD low, preferably on monthly pivot support, would confirm Monday's low as a multi-week low.  Should price take out Monday's low during the next multi-day cycle, it would obviously indicate that the MW low has not been seen.