Theme:
Decline down to a support level that we travel along sideways.
Around the high will be multiple failed attempts to break through resistance.
Around the low there will be bullish rotation that increases in momentum as we move forward in time.
Overview:
It looks like we have a high correlator in the pre-market, so we will have a prominent crest or high there. There will be an important decision between two rulers that impacts many. Right around the open we have a big push to the upside that will be prominent on the chart. From roughly 10am to 11am we have sideways fluidity and we revisit a crest in the midst of some erratic behavior in the following hour. There is an increase in price swings and a sharp drop in the midst of that volatility continues to resistance that is met from noon to 1:15pm-ish. There is a big push to the upside there between 1pm and 2pm. There is a trade opportunity to open some short positions around a gap up between 2pm and 2pm. I’ll open some short positions since we have a decline in the last hour of trading through an important support level. There is a reversal in the post-market.
Sneak Preview:
A failure.
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