Month’s Theme: A significant support level on a one-year chart. That’s crossed with an important resistance level on a one-year scale.
Behavior Around the High: A U-shaped dip that forms near the intersection of two perpendicular diagonal trend lines.
Behavior Around the Low: Sideways rotation along key support that increases with bearish momentum moving into the low.
Exclusive Trade Opportunities for Subscribers:
An opportunity to open a short position on the 2nd. There are opportunities to exit on the 19th and the 24th.
An opportunity to open a short position at a peak or crest at the beginning of the day on the 11th. You could hold that until the end of the day on the 13th.
An opportunity to position oneself in both directions on the 12th.
An opportunity to open a short position for a day trade on the 12th.
An opportunity to open a short position for a day trade on the 17th.
An opportunity to open a short position on the 18th and close it on the 19th, 24th, or on the 27th/30th.
Overview
On the 2nd, there’s a high for the month, possibly the highest high. There’s also a trade opportunity to open a short position in the midst of a sideways S-formation. On the 3rd, we’ll move into a peak on the 3rd that we’ll sell off from pretty notably and move into a trough. We’ll rally out of that trough into the 4th and then decline again back into another trough. On the 5th, there’s a big move to the upside into an important resistance level at a peak or crest at the end of the day. That rally continues into the 6th and will form the same high that we had on the 5th.
On the 9th, there’s an important resistance level highlighted. On the 10th, we’ll break through that resistance level at least momentarily. At the end of the day, there’s a sharp drop. We’ll probably gap up on the morning of the 11th and then have another sharp drop. On the 12th, there’s an important resistance level highlighted and a lot of price change. There’s also an opportunity to position oneself in both directions or open a short position for a day trade at a brief peak that’s easily missed. Near the low, there’s sideways rotation on a one-day chart and that’s where I would exit the short position. On the 13th, there’s a brief peak that’s easily missed on a one-day chart followed by a sharp drop off of that peak. There should be a notable drop over the weekend.
On the 16th, we’ll continue to decline and we’ll meet a key support level that we recently met before. We’ll then have a pretty big move to the upside at the end of the day. We may continue to gap up over night. On the 17th, there’s a crest that we’ll then sell off from pretty notably early in the day. We’ll gap up again on the 18th and then have a significant decline taking us into the low. On the 19th, there’s failed attempt to break through key resistance and a decline through key support. That will probably take us into the low. On the 20th, there’s a period of volatility that ends with a fast, sudden move higher.
On the 23rd, we’ll likely open lower with a move to the upside out of oversold territory. On the 24th, we’ll revisit the same low or we’ll have a lower low. The 24th is the strongest probable location of the lowest low. There’s a pop and drop in the midst of that low. On the 25th, there’s a lot of price change and a rally into a new local high. On the 26th, we’ll revisit a crest that was a recent opportunity in the midst of erratic behavior back and forth through the same price level. On the 27th, there’s a notable decline through multiple support levels.
On the 30th, there’s a local high at forms early in the day. We’ll then have sideways fluctuations that precede a decline and another trough at the end of the day. On the 31st, there’s a big move to the upside.
Sneak Preview
I’m advised to be cautious in November due to tricky chart behavior.
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