Wednesday 1/13/16

Price yesterday made a higher low and higher high versus Monday's candle.  Thus far today price has opened above its daily pivot and made a higher high and is currently trading above the MD MA, a hint that Monday was indeed the multi-week low.  A MW high is projected for 1/22, and how high price can go before then depends on whether Monday was also a multi-month low.   If so, price should at least test the green MW MA before the MW high is seen, but if price finds resistance at the weekly pivot at 1955 then it could mean that the MM low has yet to be seen.

The hourly chart shows price making a 24Hr high an hour before projection yesterday morning but finding support for an early 24Hr low on daily pivot support, behavior indicative of being on the upside of the multi-day cycle.   In overnight trading price finally touched the MD MA, something I expected since Friday morning when I said to prepare for a "face-ripping rally".  Of course, price at that point was at 1951, ten points higher than now, and the MD MA at that time was at 1991, 50 points higher.   It's safe to say that if that call wasn't so damaging, it would be laughable.

It is unclear at this point whether price saw an early 24Hr high in overnight trading and is now attempting to find support for its 24Hr low on the 24Hr MA, or if this is merely a pullback into a Session low.  The 24Hr high is not projected to be seen until late morning, but we have been experiencing early highs and lows over the last several trading days.  We are also due to see a MD high, so it is possible that today's 24Hr high will also be the MD high.  Price should then make a higher MD low in the next day or two before continuing higher in search of its MW high.