Theme:
A fast, sudden move higher marking the end of a period of decline.
Overview:
It looks like we have a high first thing in the morning. In the pre-market there are three pokes through resistance and we drop on the third poke. There is a failed attempt right around the open to break resistance. Something that we are counting on doesn’t come to fruition and we decline. A male ruler is highlighted around the high for the day. There is an important price level highlighted in the first half hour. We should see some bullish rotation turn into a rally as we move forward in the 10am to 11am hour. There is a move higher followed by a break back down from where we started, making an upside-down V shape in the following hour. Then we have some sideways fluidity bouncing along support between 12pm and 1pm. Between 1pm and 2pm there are important resistance levels that are highlighted. A piece of news comes out and we fall from resistance to support. When we revisit support it is a good opportunity between 2pm and 3pm. Between 3pm and the close we have sideways price swings and another high correlator. There is also a sharp decline from that high. There is a definite trade opportunity around the day’s low.
Sneak Preview:
We revisit a crest that we saw today.
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