Tuesday 3/22/16

Yesterday's candle shows yet another higher high, low and close versus the prior candle as price continues on the upside of the multi-week and multi-month cycles.   Price today has made a higher high but has also made a lower low than yesterday and is currently trading below its daily pivot.

 

I have officially designated March 4th as the MW high and 3/10 as the muted MW low for the intervening MW cycle off of the February multi-month low.  With this designation, the next MW high is projected for 3/28; the turn of the MM cycle will determine whether the actual MW high arrives earlier, later or on projection, however, and this week is the projection for the MM high.  If today is merely a multi-day high, price will find support on the MD MA and resume its move higher.  If today ends up marking the MW high (and likely MM high), price will break MD MA support and drag that MA downward in search of support for its MW low projected for 4/1.

 

 

 The hourly chart shows price yesterday making its 24Hr low before the NY open and chopping grudgingly upwards into a slightly higher 24Hr high after the NY close.  Price broke daily pivot and 24Hr MA support several hours ago and took out yesterday's low in what may have been the 24Hr low.  If so, price should move higher into its next 24Hr high which is due after the close today.  We are overdue to see a MD high, however, and price trading below 24Hr MA/daily pivot support and taking out yesterday's low is a strong hint that we are now on the downside of the multi-day cycle.  If so, price should find resistance at the 24Hr MA/daily pivot for an early 24Hr high (perhaps next hour for a half-span shift of the daily cycle high) and move lower to test the MD MA/weekly pivot confluence area.  A move below this area would signal that the MW high (and likely MM high) has been seen and we should expect price to move lower to test at least the MW MA near 2004.