Year’s theme: Some sideways rotation along an important support level on a multi-year chart. We’ll then rise to meet the nearest critical resistance on a multi-year chart and then fall back down to continue rotating along that key support level.
Behavior around the high: Around the high, we’ll bump along resistance, break through resistance, and bump along resistance again.
Behavior around the low: The low is a prominent low on a multi-year scale. We’ll have sideways fluctuations with a bearish trend into the low. Those sideways fluctuations into the low precede a rally. There’s a good buying opportunity at the low.
Overview
January
The low and high for January are within close proximity to each other. It looks like we’ll move higher in early January. There’s some volatility around the high and a fast, sudden move higher that marks the end of that volatility and brings us to the high. After meeting the high, we’ll have a decline to and through a support level on the scale of a one-year chart. Around the low, there’s an important support level. I’m also advised to open up protection around the low. There’s a male ruler of nations highlighted around the low.
February
In early February, there’s erratic behavior back and forth through the same price level. In the midst of that erratic behavior we’ll revisit a crest that was recently a past opportunity. We’ll have an unexpected move to meet the month’s high as well as an unexpected move off of the high. At the month’s low, there’s an opportunity to open up a straddle/strangle using options strategies. Toward the end of February, we’ll have a notable move higher that might be a short squeeze or a move higher to fill a previous gap down. Toward the end of February, there’s another notable move higher into March out of a prominent trough.
March
In early March, we’ll meet a key resistance level on at least a one-year chart. We’ll then decline off of that resistance level with a significant move to the downside. That decline takes us to another prominent low. Out of that low, there’s a breakout to the upside. We’ll move higher through a resistance level, stay above it briefly, and then break back down with a full retracement back to where the move higher started. We’ll then bump up along a support level that we’re rotating sideways along between mid-March and the end of March. Toward the end of March, there will be some intentional misdirection in the form of a fake out/shakeout or deception around this time.
April
We’ll have the halting of a bullish trend marked by a sharp decline through key support on a one-year chart in early April. I’m advised to open up protection around April’s high. Around the high, there’s a failed attempt to break through key resistance followed by a decline through key support. There are multiple failed attempts to break through key resistance toward the end of the month. Around the cusp of April and May, there’s a notable move higher that will stand out on a one-year chart.
May
The move higher at the end of April or in early May will take us to an overbought peak or crest. We’ll sell down from that peak or crest somewhere around mid-May. There’s a prominent low for the year in May that’s within close proximity to the high for May. From May high, we’ll decline with increasing momentum moving forward in time. It looks like both the high and the low for May are toward the end of the month. There’s a notable peak that we sell off from in late May. May’s low will form when we have a full retracement of a prominent move higher off of the low. There’s a trade opportunity at that low.
June
I’m advised to be cautious in early June. In early June, there’s a rally to the upside that turns resistance into new support, however that support level doesn’t hold. There’s a lot of tricky behavior around this time so I’m advised to open up protection here. We’ll have some volatility and a sharp drop off of June’s high. We’ll fall from one support level to another, bounce along that support level for a bit, and then we break down through multiple support levels. That decline increases with momentum and takes us into a prominent low for the year around the end of the month.
July
There’s a merger or acquisition of some kind that’s highlighted in early July. We’ll have some sideways rotation or a holding pattern that ends with a fast, sudden move higher in early July. This high will likely be the highest high for the year. From that high, we’ll break down with consecutively lower spikes up on the way down. It’s probably that the low for July is within close proximity to the high. Around the month’s low, we’ll see a move higher through resistance and stay there briefly before breaking back down through that resistance level.
August
We’ll move into a trough with consecutively lower spikes up on the way down in early August. Congress or a speech of some kind is highlighted here. We’ll have sideways fluidity along a key support level near the month’s high. We’ll then have a sharp drop into the low. That low is also a prominent trough for the year. Out of that low, we’ll have a significant move higher and establish a new support level.
September
We’ll have a fast, sudden move higher in early September where we break through a resistance level and push the upper end of a range higher to reach the high for the month. The high will likely be around the same high we had in July. We’ll fail to break through key resistance toward the end of the month and then break down through a key support level on a one-year scale to reach the low. We’re bound by a range and have the cessation of a trend at the month’s low.
October
There’s a big move from the bottom of a range to the top of a range in early October. That move to the upside will bring us to a high at the end of the month where we have a breakout. Around the month’s low, there’s a U-shaped dip that forms near the intersection of two perpendicular diagonal trend lines. From there, we’ll have a breakout into the highest high for the year, likely in the third or fourth week of October. Off of the high, there’s a significant trade opportunity and a sharp drop.
November
There’s a prominent trough in early November. We’ll rally out of that trough along a diagonal trend line and break through horizontal resistance to meet a secondary resistance. We’ll then pull back to somewhere between those two resistance levels. Out of the month’s low, we’ll have a rally that increases with momentum moving forward in time. Toward the end of the month, we’ll have sideways fluctuations with a bullish trend that precede a decline.
December
In early December, we’ll have a sharp drop within a period of sideways rotation to reach the year’s lowest low. Out of the low, we’ll have a notable move into a prominent high and successfully turn resistance into new support. There’s an opportunity to open up a short position at the end of December.
Sneak Preview
In 2024, we’ll have a sideways S-formation within a channel. We’ll fall from resistance down to support and then have a full retracement back upward to the resistance level we started at.
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