*Accuracy rating update: 100% or 13/13 predictions correct*
Day’s theme: A notable trough.
Behavior around the high: High will likely be midday and we revisit the high at the end of the day.
Behavior around the low: Low will be early in the morning.
Trade opportunities:
An opportunity right around the open to open up a long position in the midst of a trough.
A day trade opportunity between the low early in the day and the highs during midday and at the end of the day.
Around noon, there’s a trade opportunity in the midst of three criss-crosses through the same price level.
Overview:
On August 25th, we attempt to establish an important support level in the pre-market. We then have a move higher through resistance followed by a decline back down to the original price level shortly thereafter. Right around the open, there’s a trade opportunity to open up a long position in the midst of a decline into a notable trough. There’s then a move higher out of that trough between roughly 10:00 a.m. and noon. We hit support and move sideways along support between 11:00 a.m. and noon. This is followed by a move higher off of that support to meet the closest resistance. We then come back down and move sideways along support again. Around noon, there’s a trade opportunity in the midst of three criss-crosses back and forth through the same price level, confirming a bullish trend. There’s a lot of price movement around this time.
There’s a day’s high around midday that will likely be reached after moving higher along a diagonal trend line and breaking through horizontal resistance. After meeting a secondary horizontal resistance, we will pull back to somewhere between those resistance levels. We hit another resistance level around 3:00 p.m. and then drop down with consecutively lower spikes up on the way down. There’s an important price level acting as resistance in the last hour. Either at the end of the day or overnight, we’ll see the completion of a bullish trend.
Sneak preview:
A move higher with a full retracement back down on the 26th.
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