The daily chart shows price yesterday making a
higher low but exact same high versus Friday's candle. A double-top of 24Hr
highs usually marks a multi-day high, and thus far today price is trading below
its daily pivot and has made a lower low versus yesterday, behavior indicative
of being on the downside of the MD cycle.
Given that we are in the timeframe to see a
multi-month high being made, and that we are slightly overdue to see a
multi-week high being made, we must naturally be concerned that this MD high
will also prove to be the MW and MM highs as well. If there is to be another MD
cycle before finding the MW and MM highs then price should find support at the
blue MD MA for its MD low before turning higher. If we are also making a MM and
MW high, price should at least test the weekly pivot (the green MW MA and pink
MM MA are more likely targets) for the 10/16 projected MW low. The monthly
pivot at 1927.17 (or the yet-to-be-determined November monthly pivot) is a likely target for the projected mid-November multi-month
low. If we are still on the downside of the multi-year cycle, we should expect
the August low to be taken out.
The hourly chart shows price making a 24Hr high
just after the close yesterday that was an exact double-top with Friday's 24Hr
high. Price in overnight trading broke below 24Hr MA support and took out
yesterday's 24Hr low, indicating that price in now on the downside of the
multi-day cycle. We are in the timeframe for a MD low to be seen, so it is
possible that the next 24Hr low (projected for late morning) will also be the MD
low. If we are also on the downside of the MW and MM cycles as discussed above,
it is likely that the MD cycle will extend in time and that price will trade
below the MD MA before finding its MD low. I would then expect a minor rally to
make a lower MD low before price falls off more sharply into the MW cycle
trough.
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