Wednesday 8/5/2015

The daily chart shows price yesterday making a lower high and lower close versus Monday's candle. Price today has opened below the daily pivot and thus far made a higher low and higher high. With price above the blue MD MA, it is safe to say that price is on the upside of the multi-day cycle. My belief is that we are also on the upside of the multi-week and multi-month cycles until Mid-August, so I would expect price to rally from here and make new all-time highs by that time. Failure to do so would likely indicate that price is on the downside of the multi-year cycle.

The hourly chart shows price yesterday making a 24Hr high under MD MA and MW MA resistance and then falling into its 24Hr low an hour before the NY close. This 24Hr low was higher than Monday's 24Hr low and confirms Monday as the MD low.

Price overnight and this morning has rallied sharply above MD MA and MW MA resistance. A 24Hr high is projected for late morning, but with price on the upside of the MD and likely MW and MM cycles it would not be unusual for the 24Hr high to extend later in time. Likewise, I expect the MD high for this cycle to extend in time, and for price to take out last Friday's MD high during this upswing of the MD cycle. A lower MD high would indicate that last Friday was an early MW high and would have bearish connotations.