Tuesday 12/15/15

Yesterday saw a lower high and lower low but slightly higher close versus Friday's candle.  Price thus far today has opened above its daily pivot and currently testing the MD MA and weekly pivot from below.  Today's action would indicate that price is on the upside of the multi-day cycle, which would mean that yesterday was a multi-day low; it remains to be seen whether yesterday was also a multi-week (and perhaps multi-month) low.

If price is still on the downside of the MW cycle, price should find resistance at current levels and turn lower to take out yesterday's low in the coming day or two.   If yesterday was a multi-week low, price should be able to trade above the MD MA and turn that average upward within  the next few days.  Price will let us know, and it will do it soon.   If price is still on the downside of the multi-month cycle, any rally in the MW cycle should be capped by the MW MA/MM MA/monthly pivot confluence area near 2058.  If yesterday was also a MM low, price could see new highs by the 1/22/16 projected date for the next MM high.

The hourly chart shows price yesterday making an earlier than projected 24Hr low at noon and then rallying up to the weekly pivot just after the close.   Price drifted slightly lower in evening trading before breaking above weekly pivot resistance.

It is possible that price saw an early 24Hr high at the weekly pivot followed by an early 24Hr low just above the 24Hr MA.   If not, price is slightly overdue to see its 24Hr high, and a break below the gold Session MA would indicate that high has been seen.  We are also in the timeframe to see a MD high, so unless yesterday was a MW low, price would be vulnerable to a sharp decline over the next day or two which would take out yesterday's low.