*Accuracy rating update: 100% or 12/12 predictions correct*
Day’s theme: A period of sideways rotation along a support level, and within that period of sideways rotation there’s a sharp drop.
Behavior around the high: Sideways fluctuations with a bearish trend preceding a rally.
Behavior around the low: We’ll see a fake out or shake out around the low.
Trade opportunities: A trade opportunity as the sneak preview for the 14th.
Overview:
On November 11th, there’s a very brief high before a drop and a cash-out opportunity around the open. We’ll have sideways rotation in the first half hour with a fast, sudden move higher that marks the end of that period of sideways rotation. That sudden move higher doesn’t pan out, however. We then decline pretty sharply from that peak or crest around 11:15 a.m. There’s then some jagged back and forth movement below a resistance level between roughly noon and 1:00 p.m.
Between 1:00 p.m. and 2:00 p.m., there’s a notable move higher through a resistance level. Shortly thereafter, there’s the possibility of a notable drop. There’s a notable amount of price movement between 1:00 p.m. and 3:00 p.m. There’s another fast, sudden move higher between roughly 2:00 p.m. and 3:00 p.m. We rally along a diagonal trend line, break through horizontal resistance, and then meet a secondary resistance before pulling back to somewhere between those two price levels.
Sneak preview:
My sense is that the low will appear the morning of the 14th. We’ll see a notable bottom or trough and a trade opportunity as well.
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