Theme:
A sharp decline through multiple support levels.
Overview:
We have a move higher from the bottom of a range to the top in the pre-market. There is a flight to safety around the open and an intentional misdirection in the first half hour.There is a sideways-S between resistance and support, two declines with an incline in the middle. From 10am to 11am we have an end to a period of volatility marked by a sudden, fast move higher. From 11am to noon we have a J-shaped dip and an opportunity. We revisit a crest in the following hour and then we have price swings from 1pm to 2pm. An important price level is met and volatility wanes between 2pm and 3pm. Then we have a notable bottom or a prominent trough. The improbable happens right around the close.
Around the high we have multiple failed attempts to break resistance. Around the low we have a break through of support to meet another before we break down into the low.
Sneak Preview:
Selling off from severely overbought territory.
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