Month’s Theme: An important high.
Behavior Around the High: A notable move to the upside on a one-month chart that will take us to the high.
Behavior Around the Low: Volume and volatility will flatten out near the low. That will also be an important price level on at least a one-month scale.
Overview
We’ll have a big move to the upside in November. We start off the month in oversold territory and there’s a notable move higher on the 1st. There’s an important resistance level highlighted on the 2nd. There’s a move to the upside on the 3rd pushing the upper end of a range higher. There’s a lot of ground covered to the upside. You could open a short position on the 3rd and close it at the end of the day on the 6th after three pokes through the same price level followed by a sharp drop.
There’s a brief peak that’s easily missed on the 7th that we’ll sell off from through multiple supports. On the 8th, we’ll sell off through more support levels. On the 9th, we’ll have a rally that increases with momentum moving forward in time. We’ll break through resistance and then fall with higher spikes up on the way down.
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