*Accuracy update: 100% or 14/14 predictions correct*
Day’s theme: The completion of a rally.
Behavior around the high: A fast, sudden rally into the day’s high.
Behavior around the low: A decline from a support level to meet a secondary support level, and then we rotate sideways along support for a bit.
Trade opportunities:
There’s a decline off of a high in the first half hour that offers an opportunity to open up a long position.
Overview:
On November 15th, we likely open up around the same price level that we ended at on the 14th. In the pre-market or in the first half hour, we’ll see a day’s low. After that low, we rally higher to turn resistance into support momentarily. We should see a day’s high at that price level. We’ll then decline off of that move higher, likely in the first half hour. This decline offers an opportunity to open up a long position. Midmorning, we’ll see a notable move higher on a one-day chart. We sell from a crest around midday, maybe a bit earlier. We move down to and through a support level, and then we turn into a U-shaped reversal back up to reuse the previous support level.
There’s quite a bit of price action midday. It looks like we’ll go from a crest into a trough, and then there’s a rally out of that trough starting around 1:00 p.m. and moving into the end of the day. Between 2:00 p.m. and 3:00 p.m., we still have bullish price movement but more so in the form of price swings. We have a high at the end of the day with a big move higher to reach a prominent resistance level right at the close. This move higher is followed by a reversal, which marks an opportunity to position oneself for a move lower.
Sneak preview:
On the 16th, we open up higher, likely notably higher.
Comments