Day’s Theme: A rally that increases with momentum moving forward in time.
Behavior Around the High: There’s an important cashout opportunity around the high.
Behavior Around the Low: We’ll have sideways rotation around the low.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a notable decline through multiple support levels.
Overview
In the pre-market, there’s a period of sideways rotation along key support and a move up to meet key resistance. We’ll then fall back down and continue rotating along support with a notable decline around the open. In the midst of that decline, I would close the short position opened on the 21st. If that’s not a good opportunity, the last opportunity to close would be on the 27th. Between 10:00 and 11:00, there’s a period of volatility that ends with a fast, sudden move higher taking us to a high for the day.
There’s a decline from that high down to key support and then a reversal where we come back up to the previous high. We’ll then decline again into the noon to 1:00 hour. That decline ends with a fast, sudden move higher between 1:00 and 2:00. We’ll have another high or a highest high there. From that high, there’s a notable amount of price change to the downside into a lowest low for the day. Right around the close, there’s a prominent move higher and a full retracement of that move. We’ll sell down to and through support and then do a U-shaped reversal to come back up and reuse that level as support.
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