Updated: Sep 27, 2022
*Accuracy rating update: 100% or 10/10 predictions correct*
Day’s theme: A drop to and through a support level followed by a move back up to reuse that support level.
Behavior around the high: Behavior around the high is nullified.
Behavior around the low: The start of a rally out of the low marked by a big move to the upside.
An opportunity toward the end of the day in the midst of failed attempts to break through a key resistance level.
On August 23rd, we’ll be pushed down overnight or in the pre-market due to some strong resistance. Early in the morning, there’s a U-shaped dip. There’s a big move to the downside, however we then come back up above the original price level around noon. We break through resistance, however there’s a failed attempt to break through a second key resistance level around noon. I’m advised to be cautious and cash out of a trade between 11:00 a.m. and noon.
Around roughly 1:00 p.m. or 2:00 p.m., there are sideways fluctuations with a bullish trend that precede a decline, followed by a hard drop where we come into a day’s low or a prominent trough on a one-day chart. From that low, there’s a big move to the upside where we revisit a past opportunity at a crest in the midst of some erratic back and forth behavior between roughly 2:00 p.m. and 3:00 p.m. Toward the end of the day, there’s a trade opportunity in the midst of some failed attempts to break through a key resistance level. It looks like we’ll be able to cash out at the open the following day.