*Accuracy rating update: 100% or 16/16 predictions correct*
Day’s theme: Sideways rotation along a support level, a move higher to reach the closest resistance, and a movement back down to move sideways along that support again.
Behavior around the high: An important price level around the high.
Behavior around the low: A cash-out opportunity around the low.
Trade opportunities:
An opportunity at a resistance level around midday.
Overview:
On August 29th, there’s a breakout of some sort in the pre-market. Right around the open, there’s a day’s high, but this is quickly followed by a decline through multiple support levels, roughly around 10:00 a.m. The low for the day is highlighted roughly around this time. There’s a cash-out opportunity in the midst of the day’s trough or low, likely around 11:15 a.m. We hit resistance midday in the midst of a fast, sudden move higher that marks the end of a period of decline. There’s a trade opportunity around this resistance level. We have another day’s low or trough after we meet resistance. We’ll break down through a support level, meet a secondary support, and then move sideways along that support between roughly 1:00 p.m. and 2:00 p.m. There’s then a fast, sudden move higher off of that midday support level, likely around 1:30 p.m. or 1:45 p.m.
We’ll then see a notable reversal on a one-day chart marked by a prominent crest or high around 3:00 p.m. There will be some sideways rotation with a fast, sudden move higher marking the end of that period of sideways rotation. Right around the close, we have some sideways price swings with a bullish trend, possibly breaking through horizontal resistance to meet a secondary resistance. There’s three pokes through the same price level at a day’s high right around the close or in the post-market. After the third poke, there’s a sharp decline, possibly into another prominent trough for the day.
Sneak preview:
An important range is highlighted, however it is somehow nullified or made irrelevant.
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