Updated: Sep 28, 2022
*Accuracy rating update: 90% or 13.5/15 predictions correct*
Day’s theme: A notable reversal on a one-month chart.
Behavior around the high: A resistance level that’s met followed by a decline with consecutively lower spikes up on the way down.
Behavior around the low: Sideways rotation along a support level, followed by a move up to meet the closest resistance and then we decline back down to support.
An opportunity at an important resistance level between roughly 10:00 a.m. and 11:00 a.m.
Mid-afternoon, there's an opportunity to open up a short position as protection in the midst of a rally.
On August 26th, we’ll likely see a move higher followed by a reversal and a full retracement in the pre-market. Around the open or in the first half hour, there’s a move higher through resistance where we stay briefly and then break back down through that same price level. Between roughly 10:00 a.m. and 11:00 a.m., there’s a trade opportunity at an important resistance level. There’s quite a bit of volatility and a rally along a diagonal trend line between roughly 10:00 a.m. and noon. We finish that rally off with a fast, sudden move higher, and then we break down through that same diagonal trend line with increasing volatility on the way down. Between roughly 10:00 a.m. and 11:00 a.m., there’s a notable reversal.
Midday, there’s a drop through a support level to meet a secondary support level, we move sideways along that support for a bit, and then we break down through multiple support levels. In the early to mid-afternoon, there’s a bit of a rally that marks an opportunity to open up a short position to protect against long positions. A decline commences around 2:00 p.m., and then there’s a fast, sudden move higher. Out of that move higher, a decline commences. In the last hour of trading, there’s some volatility with a fast, sudden move higher marking the end of that period of volatility. There’s a move to the upside in the post-market.