Month’s Theme: A sharp drop that stands out within a period of volatility. That’s crossed with a notable rally.
Behavior Around the High: A key resistance level is highlighted at the high.
Behavior Around the Low: A peak that we sell off from pretty notably. There’s also a big move to the upside out of the low.
Overview
On the 1st, we have the establishment of support and a big move higher. On the 2nd, there’s a lot of price change to the upside and a decline into a trough toward the end of the day on the 3rd. On the 3rd, there’s an important resistance level highlighted on the 3rd and more decline. On the 4th, there’s a notable move to the upside toward the end of the day. On the 5th, there’s a fast, sudden move higher and a drop on the 6th. We’ll most likely see the low on the 6th. On the 7th, we’ll have three crisscrosses back and forth through the same price level confirming a bullish trend as well as a trough.
On the 8th, we’ll decline to and through support to meet a second support and then rotate sideways along that price level. On the 9th, we’ll rally into key resistance and then decline with consecutively lower spikes up on the way down. On the 10th, there’s a significant trough. On the 11th, there’s a big move to the upside reaching for distant resistance. That we’ll take us to a prominent peak or crest on the 12th. There’s also a notable fake out/shake out. On the 13th, there’s a decline that ends with a fast, sudden move higher. There’s a prominent trough on the 14th.
On the 15th, there’s another prominent trough and a rally. We’ll have another trough after that rally. On the 16th, there’s a decline followed by a sideways-fluctuating rally out of that decline into the 17th. On the 17th, we’ll have a prominent peak or crest. On the 18th, there’s a decline to revisit a support level. On the 19th, volatility ends with a fast, sudden move higher. On the 20th, there’s a pop and drop. There’s a trough on the cusp of the 20th/21st. There’s a big move to the upside after establishing support on the 21st.
That move to the upside takes us to a peak or crest on the 22nd. We’ll likely have a highest high thus far on the 22nd. From that peak or crest we’ll sell off to and through support, do a reversal below support, and then come back up to reuse it as support. On the 23rd, there’s three pokes through the same price level followed by a sharp drop. On the 24th, there’s a lot of price change covered and we’ll most likely have the highest high in a period of volatility. There’s a trough early in the day on the 25th. There’s another peak or crest on the cusp of the 25th/26th where we’ll have a notable reversal. There’s another sharp drop on the cusp of the 26th/27th that takes us to another trough within a period of sideways rotation. On the 28th, there’s another important trough. On the 29th, there’s a decline through multiple support levels. On the 30th, there’s a big move from the bottom of a range to the top of a range. That rally continues along a diagonal trend line into the 31st with a fast, sudden move higher and then a breakdown through a diagonal trend line.
Sneak Preview
A notable move to the upside offering an opportunity to open a short position.
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