Month’s Theme: The completion of a rally and sideways rotation along key support that ends with a fast, sudden move higher.
Behavior Around the High: Bullish price swings around the high.
Behavior Around the Low: A significant trough on a one-year scale at the low.
Overview
On the 1st, we’ll have multiple failed attempts to break through key resistance.
The market is closed on the 4th. On the 5th, we’ll gap up and then decline to and through support. We’ll then rotate along that support into an important trough on the 6th. There’s a period of volatility followed by a sharp drop within that volatility. On the 7th, there’s some more price swinging. On the 8th, we’ll likely gap up with a rally, however I’m advised not to chase that.
On the 11th, there’s a prominent move higher and a full retracement. On the 12th, there’s a move to the upside and likely a high for the month. We’ll likely decline at the end of the day or into the 13th. There’s sideways rotation while attempting to establish support on the 13th. On the 14th, there’s a rally that increases with momentum as we move forward in time. There’s a resistance level highlighted on the 15th.
We’ll gap down pretty notably into a trough on the 18th. We’ll then have an unexpected move higher out of that trough. On the 19th, we’ll have sideways rotation along key support. We’ll then rise to meet the nearest resistance and then fall back down to continue rotating along support. There’s a fake out/shake out or some sort of sneaky chart behavior on the 20th. There’s a notable move to the upside on the cusp of the 20th/21st. On the 21st, we’ll move into a trough and then have a fast, sudden move higher marking the end of that decline. We’ll bump up against resistance on the 22nd and then decline into a trough.
We’ll gap up on the 25th and then have another notable decline into a trough. There’s a significant move higher on the 26th. There’s a peak or crest on the 27th midday that we’ll decline off of with increasing momentum as we move forward into the 28th. There’s a decline on the 28th and a gap up on the 29th.
Sneak Preview
Erratic behavior back and forth through the same price level and revisiting a crest that was recently an opportunity in October.
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