Wednesday 11/11/15

Price closed slightly higher yesterday after finding support for the second straight day on the green MW MA.  Price today has opened above its daily pivot and is currently testing the MD MA and weekly pivot from below.   If price can regain the weekly pivot and trade higher the next few days, it will indicate that Monday was a multi-week low.  Further, it would likely mean that we do have one more multi-week cycle (and likely new all-time highs) before the multi-month high is seen.  Obviously, a turn lower from here would instead mean that the MW low has yet to be seen and will leave the door open for the possibility that we are also on the downside of the multi-month cycle.

The hourly chart shows price yesterday making a late morning 24Hr low and then trading higher for the remainder of the day and through overnight trading.  The higher 24Hr low confirms Monday's low as a multi-day low, but as mentioned above it is not yet known whether it was also a multi-week low.  Price is overdue to see a 24Hr high, and price is currently retreating from the MD MA, a logical place for the 24Hr high to have been seen.  Until the gold Session MA is broken and turns lower, however, we cannot assume that the 24Hr high has been seen.

A 24Hr low is projected for late morning.  If price is still on the upside of the multi-day cycle then support for the 24Hr low should be found on the 24Hr MA or daily pivot. We are already in the timeframe for a multi-day high to be seen, however, so it is possible that today's 24Hr high will also be a MD high.  Thus, a break below the daily pivot today would be a strong signal that price is on the downside of the MD cycle and that the MW low may still be in front of us; support at the 24Hr MA/daily pivot and a move above the MD MA/weekly pivot would indicate an elongated MD cycle and strengthen the argument that Monday was also a MW low.