Month’s Theme: A sideways-fluctuating rally that precedes a decline. That’s crossed with a U-shaped dip.
Behavior Around the High: A decline off of the high that offers an opportunity to open a long position.
Behavior Around the Low: An important technical price level on a one-year scale.
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An opportunity to open a long position on the 3rd before a move higher on a multi-day scale. You could close that around the cusp of the 8th/9th.
When the long position is closed late on the 8th or early on the 9th there’s an opportunity to open a short position. I would most likely close that on the 13th. The last opportunity would be on the 20th, however if you don’t take
Overview
The strongest probable locations of the lowest lows are the 10th and the 17th. We may have a first low for the month around the 8th/9th. The strongest probable locations of the highest high(s) are between the 13th and 15th. There may be another high for the month around the 22nd/23rd. There’s a notable rebound to the upside on the 30th.
On the 1st, there’s a lot of price change and a sharp decline into a trough. There’s a steep drop from the 2nd into the 3rd followed by a notable move to the upside on the 3rd. On the 6th, there’s some sideways rotation and a sharp drop overnight into the 7th. On the 7th, we’ll have sideways rotation and a dip within that period of sideways rotation. We’ll have an unexpected move higher on the 8th into a high at a crest or peak. We’ll have a sharp drop from that on the 9th and into the 10th. We may have a failed attempt to break through key resistance and a decline through key support. There’s probably a gap up over the weekend and then have a notable decline through key support on the 13th that takes us into another low. There’s a big move to the upside out of a trough on the 13th. There’s a prominent move to the upside from the 14th into the 15th. There’s a breakout on the 16th, however it doesn’t hold and we drop overnight. There’s either a move higher on the 17th or a move higher after the weekend from the 20th into the 21st into a prominent peak.
There’s a new local high on the 22nd. On the 23rd/24th, we’ll see a drop to key support. On the 27th, there’s a rally along a diagonal trend line to meet a second resistance level and then falling back down to somewhere between those two price levels. There’s then a sharp drop into a low on the 28th. There’s a near overbought peak or crest on the 29th that we’ll sell off from through multiple support levels.
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