Month’s Theme: A failed attempt to break through key resistance followed by a decline through key support. That’s crossed with sideways rotation along key support that ends with a fast, sudden move higher.
Behavior Around the High: A strong decline off of the high at a resistance level.
Behavior Around the Low: Sideways rotation along key support followed by a big move higher off of the low.
Overview
On the 1st, we’ll likely have a notable decline for the month. On the 2nd, we’ll have three pokes through the same price level followed by a sharp decline after the third poke. On the 3rd, we’ll have a pretty mixed day with a fast move higher sometime during the day. We’ll have a move back down toward the end of the day. On the 4th, we’re probably rotating sideways along a key support level. On the 5th, we’ll have price swings that take us to a peak or crest. That may be a high for the month. On the 6th, we’ll have sideways fluidity but we’ll likely end to the downside. On the 7th, we’ll have more decline through multiple support levels.
There’s an overbought crest or peak midday on the 8th that we’ll sell off from through multiple support levels. There’s also a rally on the 8th that I’m advised not to chase. There’s a significant trough on the 8th/9th. On the 9th, we’re rallying along a diagonal trend line out of a trough with a fast, sudden move higher ending that rally that takes us into a peak or crest midday. That’s followed by a decline through that diagonal trend line with increasing volatility on the way down. There’s a rally toward the end of the day on the 10th into a peak or crest that we’ll sell off from down to and through support. On the 11th, we should have a horizontal support and resistance where we’ll have a sideways S-formation within that channel. On the 12th, we’ll have sideways rotation with price swings. On the 13th, we’ll have a sharp drop into a trough within a period of volatility. That’s followed by an important crest on the 14th.
On the 15th, there’s a prominent move higher. There’s also a prominent trough. On the 16th, we’ll have what’s most likely a lowest low. On the 17th, we’ll decline to and through support to meet a second support and then have sideways rotation along that support. We may have a low again on the 17th. On the 18th, we’ll have a failed attempt to break through key resistance followed by a decline through support. On the 19th, we’ll have a prominent move higher followed by a full retracement of that move back down. On the 20th, we’ll either have a pop-and-drop or a decline. On the 21st, there’s a fake out to the upside early in the day and then a sharp decline midday.
On the 22nd, there’s another notable decline, however there’s another peak or crest toward the end of the day. On the 23rd, there’s a lot of price change. On the 24th, we’ll meet key resistance and possibly break through it. On the 25th, we’ll break through horizontal resistance to meet a second resistance level and then pull back to somewhere between those two price levels. On the 26th, we’ll have multiple failed attempts to break through key resistance and a high probability of a highest high for the month. On the 27th, there’s another possibility of a high and a period of volatility that ends with a fast, sudden move higher. On the 28th, we’re bound by an important range on a multi-day scale. On the 29th, there’s a brief peak that’s easily missed followed by a decline through multiple support levels. On the 30th, we’ll have a lot of price change, first to the upside and then a decline with consecutively lower spikes up on the way down. On the 31st, there’s a notable move higher and a sharp drop off of that move.
Sneak Preview
The completion of a rally in September.
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