Thursday 10/29/2015

The daily chart shows price yesterday continuing its relentless run on the upside of the multi-month cycle as price broke through the upper channel boundary and is now a stone's throw away from all-time highs.   It is unclear whether price will reach new highs during this multi-week cycle, but with a MW high projected for 11/4 there is certainly enough time left for it to do so. The impending MW high should also be the overdue multi-month high, so it is possible that new highs will have to wait until late November or December if they aren't reached during the next week.

The hourly chart shows price yesterday rising throughout the day on the upside of the MD, MW and MM cycles and making its 24Hr high just after the close.  Price has drifted steadily down in overnight and pre-market trading but appears to have found support at the daily pivot and 24Hr MA.  We are in the timeframe for price to make a 24Hr low, and if we are still on the upside of the MD cycle then daily pivot support should hold and price should trade higher for the remainder of the day.  Should daily pivot support break, it would indicate that yesterday was a multi-day high and price would normally test the MD MA over the next day or two; MD troughs have been muted since the September low retest, however, so a MD low made above this level would be the "new normal".