*Accuracy rating update: 100% or 13/13 predictions correct*
Theme: An attempt to establish important support. Keep an eye out for multiple false tops or bottoms or a fakeout of some sort.
Overview:
For September 9, 2022, in the pre-market we have successfully turned resistance into new support. We also have a first high of the day in the pre-market. Right around the open, there’s an important price level at resistance highlighted as well as a trade opportunity to open up a short position. This bearish trade opportunity will be between 9:30 and 10:00. Between 10:00 a.m. and 11:00 a.m., there appears to be quite a bit of volatility. Around 11:00 a.m., there’s a bullish trade opportunity to open up a long position so I can play both sides of the market. In the midst of volatility, there’s a fast, sudden move higher marking the end of that period of volatility. This could either occur around noon or somewhere between noon and 1:00 p.m.
Midday, there appears to be the beginning of a rally, however there also appears to be a notable decline from that rally to meet a support level where we attempt to establish support. Between 2:00 p.m. and 3:00 p.m., we move from the bottom of a range to the top of a range. In the last hour, there’s a move higher through resistance. We stay above resistance briefly and then we break back down through that price level shortly thereafter. An important agreement between two leaders or a merger of some kind is highlighted around the close. In the post-market we’ll see a decline that continues into a lower low the following day.
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