Month’s Theme: A rally that offers an opportunity to open a short position. That’s crossed with a peak that we’ll stay above briefly and then break back down shortly thereafter.
Behavior Around the High: The completion of a multi-day rally.
Behavior Around the Low: Sideways rotation, rising to meet the nearest resistance, and then falling back down shortly thereafter.
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An opportunity to open a short position at a high between the 1st and 2nd. I would close that position at a high on the 2nd. Other opportunities to close are on the 10th and the 15th.
A good opportunity to open a short position on the 3rd and close it on the 5th at a sharp drop early in the day.
On the 23rd, you could open positions in both directions. You could close the short position on the 24th and the long position on the 25th.
An opportunity to open a short position in the midst of a crest on the 20th or toward the end of the day on the 25th.
Overview
There’s a highest high on the 1st and the 3rd. There’s a sharp and significant drop on the 2nd. There’s some price swinging on the 3rd and likely another highest high. Early in the morning on the 4th, there’s a big move higher followed by a sharp drop. That will take us into what’s likely a lowest low on the 5th. On the 6th, there’s a decline to a support level on a one-month scale. On the 7th, there’s a big move higher and a breakout. There’s a prominent crest toward the end of the day. We may see another highest high on the cusp of the 7th and 8th.
On the 8th, we’ll have a move higher to meet resistance followed by a move back down through that same price level. There’s a U-shaped dip into a low on the 9th. There’s a period of sideways rotation along support on the 10th followed by a sharp drop toward the end of the day taking us to what might be another lowest low. On the 11th, there’s sideways rotation ending with a fast, sudden move higher. On the 12th, there’s a period of sideways-fluctuating decline that precedes a rally. There’s a sharp drop in the period of decline. I’m advised to be cautious on the 13th. There’s a brief peak on the 14th followed by a decline through multiple support levels.
On the 15th, we’ll most likely have our third lowest low. On the 16th, there’s a period of volatility that ends with a fast, sudden move higher. We’ll reach for distant resistance moving into the 17th. There’s some erratic behavior back and forth through the same price level on the 18th in the midst of which we’ll revisit a crest. We’ll continue higher on the 19th and 20th. On the 21st, there’s a failed attempt to break through key resistance followed by a decline through key support.
We’ll then push the upper end of a range higher on the 22nd and create another crest or peak. There’s a prominent trough on the 23rd in the midst of price change. On the 24th, there’s a sharp decline and another prominent trough or low. On the 25th, there’s a peak or crest toward the end of the day that we’ll sell off from to and through support. We’ll then do a U-shaped reversal early in the day on the 26th. There’s a near overbought crest or peak that we’ll sell off from toward the end of the day on the 26th. We’ll meet a prominent trough on the cusp of the 26th and 27th. There’s a sideways-fluctuating rally that continues into the 28th and ends with a fast, sudden move higher. That’s followed by a decline with increasing volatility on the way down. That decline continues into the 29th. On the 30th, there’s a fast, sudden move higher that takes us into quite a lot of price change in July.
Sneak Preview
A prominent trough in early July.
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