The daily chart shows price yesterday making a
higher low and higher high versus Monday's candle. Price thus far today has
opened above the daily pivot and has eclipsed yesterday's high as well as
Friday's multi-week high, indicating price is on the upside of a new MW cycle.
The earlier-than-projected multi-week low and extreme right-translation of the MW high
are both very bullish signs indicating that higher timeframe cycles (the
multi-month and multi-year) are both moving strongly upward. The next MW high
is not projected until 12/21, and I would expect new all-time highs to be seen
before then.
The hourly chart shows price yesterday making an
early 24Hr low on daily pivot support (a possibility mentioned yesterday) and launching higher and closing near the
highs of the day. Price finally found its 24Hr high in overnight trading and
has spent the last several hours heading lower on its way to the slightly
overdue 24Hr low. Support for this low should be found on the 24Hr MA or the
daily pivot, as we likely have at least one more daily cycle before seeing a
multi-day high. When price is able to trade above the gold Session MA and turn
that average upward, we will know that the 24Hr low has been seen and I would
then expect price to rise for the remainder of the day.
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