Theme:
Sideways-S maneuver between support and resistance.
Around the low there will be erratic behavior.
Overview:
We meet resistance in the pre-market and then we drop with increasing volatility as we move into the open. There is a period of volatility and a sharp dip around the open, and we have a failed attempt to break resistance. Something that we were counting on fails and does not come to fruition. There is a surprise decline through support in that first half hour. Then we have three criss crosses through a price level confirming a bullish trend between 10am and 11am. The following hour we have a low correlator for the day and the Death card, which indicates an important trough or bottom. Out of that we push higher between roughly noon and 1pm. It looks there there will be a fake out there midday. We have some moving sideways along a support level between roughly 1pm and 2pm, and there is a trade opportunity towards the end of that hour. There could be two, with one of them being around 1:45pm. Then we have a drop from a crest to another day’s low or important trough between 2pm and 3pm. In the last hour there is a big pop higher and another fake out with a big push to the upside in the post-market.
Sneak Preview:
Fast, sudden move higher out of a period of volatility.
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