Yesterday saw price make a higher low and lower
high versus Tuesday - an "inside" day- but with a higher close that saw price
regain the weekly pivot. Price thus far today has opened above the daily pivot
and eclipsed yesterday's high.
As mentioned yesterday, price was on the upside of
the multi-day cycle after making a higher multi-day low on Tuesday which
confirmed the prior Monday's low as a multi-week low. The question now is
whether last Friday's high was an early multi-week high. Should price quickly
eclipse Friday's high than it is likely that the early week pullback was merely
the downturn of the multi-day cycle. Should price instead make a lower
multi-day high, it will confirm last Friday as a MW high and indicate
that the longer-term cycles are half-shifting, possibly meaning that price is entering yet another
triangle pattern.
The hourly chart shows price yesterday making a
24Hr low just below the daily pivot/24Hr MA confluence area, confirming
Tuesday's low as a multi-day low. Price then rallied above the weekly pivot,
found frequent resistance at the MD MA, and has now broken above to test the MW
MA/monthly pivot confluence area.
We are overdue for a 24Hr high to be seen, and the
24Hr low is projected for late morning. We are also overdue for a multi-day
high to be seen, making it likely that the next 24Hr high will also be a MD
high. The MW MA/monthly pivot confluence area is a logical place for each of
these highs to be seen. When the gold Session MA stops providing support to
price, we will know that the 24Hr high is in and price should test the white
24Hr MA or daily pivot in search of its 24Hr low. If those areas do not provide
support for the low, we will know the MD high is also in.
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