Month’s Theme: A notable decline standing out on a one-year chart.
Behavior Around the High: A rally into the highest high and then a decline off of the high.
Behavior Around the Low: Two lowest lows with a peak in between.
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A high on the 4th offers an opportunity to open a short position. You could close that position at a low early on the 6th.
An opportunity to open a long position at that low early on the 6th and close it on the 7th.
An opportunity to open a short position at the high on the 7th.
Overview
On the 1st, there’s a trough followed by a big move out of that trough. There’s a speaker overnight that shouldn’t be relied upon or trusted.
On the 4th, we’ll probably open lower and then have a big move to the upside into our first highest high at a prominent peak midday. I would open a short position at that high.There’s an important fake out to the upside. There’s a gap down overnight into the 6th. I would close the short position at that low. You could also open up a long position there. There’s a move to the upside and a peak at the end of the day on the 6th. The morning of the 7th there’s a big move out of a decline from the bottom of a range to the top of a range where you could close the long position. You could also open a short position there. We’ll then decline from that peak or crest into the 8th.
We’ll likely open lower on the 11th and have a bullish day, but if we don’t open lower it’s a bearish day. There’s a peak or crest early in the day on the 12th at a resistance level that we’ve met many times before. We’ll then decline from it pretty notably. There’s an important trough at the end of the day on the 13th. On the 14th, there’s a peak that’s possibly a highest high....
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