Month’s Theme: A period of volatility that ends with a fast, sudden move higher. That’s crossed with erratic behavior back and forth through the same price level. In the midst of that erratic behavior, we’ll revisit a crest.
Behavior Around the High: There’s a notable fake out/shake out or some kind of tricky behavior around the high.
Behavior Around the Low: Three crisscrosses back and forth through the same price level confirming a bullish trend.
Overview
On the 1st, there’s an important crest on a one-month scale. We’ll probably move to the downside pretty notably. We’re closed on the 4th. On the 5th, there’s a lot of price change to the downside and an important trough or low for the month. On the 6th, we’ll likely have a gap up but then we’ll decline down to and through support. We’ll bounce along that support for a bit and then break down through multiple support levels. There’s a prominent move higher on the 7th followed by a full retracement of that move back down.
On the 10th, I’m advised to be cautious. There are multiple false tops or bottoms and some tricky chart behavior. We’ll likely have an early decline or gap down on the 10th. Sideways fluidity on the 11th with another prominent crest or peak. That’s a likely location for the highest high. On the 12th, we’ll have a decline to and through support on a multi-day scale to meet a second support and then we’ll rotate along that support for a bit. On the 13th, there’s a prominent trough or low and a trade opportunity. Out of that trough, we have a rally along a diagonal trend line breaking through horizontal resistance to meet a secondary resistance before pulling back to somewhere between those two price levels. There’s a gap down overnight into the 14th. There’s some sort of a speech and then a move to the upside, even in the face of seemingly overwhelming headwinds.
On the 17th, we’ll meet a key resistance level toward the end of the day. On the 18th, there’s a prominent move higher standing out on a multi-day chart followed by the establishment of support. On the 19th, we’ll meet a resistance level followed by a decline and consecutively lower spikes up on the way down. On the 20th, there’s a prominent move higher through key resistance followed by a decline back down through that resistance level shortly thereafter. We may have a low around the 20th/21st. On the 21st, there’s probably a lowest low. I’m advised not to chase a rally toward the end of the day.
On the 24th, we’ll decline pretty notably. On the 25th, there’s a fast, sudden move higher followed by a sharp decline. There’s a big move higher out of oversold territory on the 26th. On the 27th, we’ll have three pokes through the same price level followed by a sharp drop after the third poke. On the 28th, there’s a decline that ends with a fast, sudden move higher.
On the 31st, we’ll come up against a prominent trough for the month. There’s an important support level that’s highlighted.
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