Month’s Theme: The completion of a notable rally. That’s crossed with a rally along a diagonal trend line.
Behavior Around the High: A notable resistance level on a multi-day chart. We should see some sideways rotation around the high.
Behavior Around the Low: We’ll revisit a trough on a multi-day scale.
Overview
On the 3rd, there’s a decline that increases with momentum moving forward in time. We’re off on the 4th. On the 5th, we’ll decline pretty notably early in the day. There’s a big move to the upside on the cusp of the 5th and the 6th. We’ll have three pokes through the same price level followed by a sharp drop on the 6th. On the 7th, there’s a notable decline early in the day. Toward the end of the day, we’ll move higher and that will take us to a prominent crest.
On the 10th, there’s an important price level highlighted and volume flattens out there. There’s a crest early in the morning on the 11th followed by a notable decline. On the 12th, we’ll have bullish price swings and we’ll have a notable move to the upside. That rally higher will end at some point, however, We’ll likely open lower on the 13th. There’s a significant move higher out of a decline into a crest or peak on the 13th. There’s a prominent crest on the 14th.
We’ll probably open lower on the 17th and establish support around the low. There’s likely a crest or peak toward the end of the day that we’ll sell off from pretty notably overnight. There’s a prominent decline on the 18th and into the 19th into a significant low. We’ll have the establishment of support at that low and that’s followed by a prominent move higher. That’s followed by the establishment of support at a higher level. That rally continues into the 20th, however there’s a prominent trough in the midst of that big move to the upside. We’ll have a highest high early in the morning on the 21st followed by a decline into another prominent trough for the month. There’s a gap up over the weekend.
We’ll move higher through resistance on the 24th. We’ll stay above resistance briefly and then break back down through the same price level shortly thereafter. On the 25th, there’s a peak that we’ll sell off from pretty notably. That decline continues into the 26th where we’ll decline through support to meet a secondary support that we’ll bounce along for a bit and then decline through multiple support levels. On the 27th, there’s a U-shaped dip that forms around the intersection of two perpendicular diagonal trend lines. There’s a prominent crest and a prominent trough on the cusp of the 27th and the 28th.
On the 31st, there’s sideways rotation along key support on at least a one-month scale. That rotation increases with bearish momentum. We may also see a crest toward the end of the day.
Sneak Preview
In August, there’s a prominent crest that we’ll sell off from and then do a U-shaped reversal where we move back to the upside.
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