Updated: Sep 28, 2022
*Accuracy review update: 93% or 13/14 predictions correct*
Day’s theme: A decline due to multiple headwinds.
Behavior around the high: Not specified.
Behavior around the low: Not specified.
An opportunity around a support level that increases with momentum and bullish sentiment as we move forward in time.
An opportunity to position oneself for both directions near the close.
On August 11th, we have a fast, sudden move higher that marks the end of sideways rotation in the pre-market. We’ll see a first low for the day right around the open. There’s also a critical technical level that’s highlighted around the open. Be cautious of a fakeout in the first half hour. Between roughly 10:00 a.m. and 11:00 a.m., there’s a spike of bullish behavior. We’ll also have some sideways rotation along support, followed by a rise to meet the closest resistance and a break back down to support. We have another day’s low here, and a trade opportunity at that low. Between roughly 11:00 p.m. and noon, there’s a big move to the upside out of the previous low.
We’ll see a breakout midday, followed by a failed attempt to break through key resistance and a decline into another low for the day between roughly 1:00 p.m. and 2:00 p.m. Between roughly 2:00 p.m. and 3:00 p.m., there’s a fast, sudden move to the upside, followed by a full retracement back down. My sense is that we end higher than the day’s low. Right around the close, there’s an important resistance level highlighted and a trade opportunity to position oneself in both directions.
Bullish price swings on the 12th.