Thursday 3/3/2016

Price yesterday made a higher low, high and close versus Tuesday as price continues on the upside of the multi-week cycle.  As has been mentioned, we are far enough overdue for a MW high that it is becoming more and more likely that the brief intraday pullback to the MW MA in February marked a MW high and low.  There is a possibility that we are seeing an inversion, where the MW high will come on the projected date of the MW low (tomorrow), but unless we see a sharp sell-off next week we will have to assume a stealth MW high and low were seen early last week.   If so, it means that the MW cycle was being dominated by the upward swing of higher timeframe cycles.  This would be extremely bullish as it would indicate that price is on the upside of the multi-month and multi-year cycles. 

 

 

 

The hourly chart shows price yesterday finding its 24Hr low on 24Hr MA support and rising into the close. This is behavior indicative of price still being on the upside of the multi-day cycle. Price continued to rise in overnight trading and appears to have made a slightly higher 24Hr high.   A 24Hr low is projected for noon, though the 24Hr MA or daily pivot should provide support for an earlier low if we are still on the upside of the MD cycle.  We are squarely in the timeframe to see a MD high, however, and it is possible that the head-and-shoulders top pattern that has developed since yesterday's 24Hr low will mark the MD high.  As mentioned yesterday, price would be expected to test the blue MD MA before finding its MD low; if the MD high is also an overdue MW high, then price should test the MW MA over the next several trading days.