*Accuracy rating update: 100% or 13/13 predictions correct*
Day’s theme: A very brief peak followed by a decline through multiple support levels, however this behavior is somehow nullified.
Behavior around the high: N/A
Behavior around the low: N/A
Trade opportunities: N/A
Overview:
On December 23rd, there’s a decline due to multiple headwinds in the pre-market. There’s a rally to the upside right around the open that reaches for distant resistance and stands out on a one-day chart. We’ll continue breaking out and reaching for distant resistance in the first half hour. Somewhere around 10:30 a.m. a decline commences. There’s a bit of volatility between roughly 11:00 a.m. and noon. There’s also a fast, sudden move higher at the end of that period of volatility, however that move higher is met with a notable decline on a one-day chart.
We’ll break down midday through a support level that we had recently broken down through before. There’s a bit of a holding pattern at a trough around 1:15 p.m. Out of that holding pattern, there’s a move higher that bumps up against resistance but fails to break through it between 2:00 p.m. and 3:00 p.m. In the last hour, we finally break through that resistance level and continue moving higher. There’s a notable move to the upside around the close that will stand out on a one-day chart.
Sneak Preview
A decline that offers an opportunity to open up a long position.
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