Updated: Dec 12, 2022
*Accuracy rating update: 93% or 13/14 predictions correct*
Day’s theme: A strong decline off of a prominent peak that will stand out on a multi-day chart.
Behavior around the high: A notable move to reach the high, however this move is somehow nullified.
Behavior around the low: An important price level for the day around the low that offers a meeting point for a straddle/strangle utilizing options. It also looks like an important piece of news or speech of some kind comes out around the low.
A trade opportunity within a notable drop after rotating along a support level early to midday.
A trade opportunity in the midst of a move to the upside around midday.
A day trade opportunity around a resistance level between 1:00 p.m. and 2:00 p.m. I advise being cautious if trading here.
On December 6th, there’s a big push to the upside in the pre-market. That move is brief, however. This is followed by a drop to a notable low, likely in the first half hour. We drop from support to a second support level and then rotate sideways along support. There will be another notable drop after rotating along that support level. There’s a trade opportunity within this drop. This is followed by a move to the upside out of a day’s low. We’ll see a crest around 11:00 a.m. There’s another trade opportunity in the midst of that move to the upside. Midday, there will be some sideways fluidity and significant price swings that bring us back to a low.
Between noon and 1:00 p.m., we’ll revisit another crest. We’ll have multiple failed attempts to break through key resistance between roughly 1:00 p.m. and 2:00 p.m. There’s a day trade opportunity around that resistance level, however I’m advised to be cautious if trading here. There’s a period of volatility from roughly 2:00 p.m. to 3:00 p.m. and a fast, sudden move higher in the last hour. That rally ends with a notable decline on a one-day chart right around the close. There’s a full retracement to the downside in the post-market. There may be one more spike up around the close or in the post-market.
Out of a decline, there’s a move from the bottom of a range to the top of a range, however this move is nullified so it is somehow made irrelevant.