*Accuracy rating update: 89% or 8/9 predictions correct*
Day’s theme: There’s an important resistance level highlighted.
Behavior around the high: Sideways rotation along a key support level that increases with bullish momentum as we move forward, however this behavior is nullified.
Behavior around the low: A decline that will end with a fast, sudden move higher which marks the end of that decline.
Trade opportunities: N/A
Overview
On January 27th, we’ll open lower in the pre-market, and there’s a big move to the upside out of a decline on the scale of a one-day chart near the open. In the first half hour, there’s a crest that we’ll sell down to and through a support level. This is followed by a U-shaped reversal below that support level. We’ll come back up and reuse that support level as support. We’ll then have three crisscrosses back and forth through that price level confirming a bullish trend between 11:00 a.m. and noon. I’m advised not to chase the move to the upside that follows.
It looks like we’ll have a high somewhere between noon and 1:30 p.m. From that high, we’ll decline with increasing momentum as we move forward into a low at the end of the day. Near the close, we’ll have a move to the upside out of the low and establish support in the post-market.
Sneak Preview
We’ll open higher on the 30th. There will also be a prominent move to the upside followed by a decline and full retracement of that move higher.
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