Month’s Theme: There’s a move higher even in the face of seemingly overwhelming headwinds. That’s crossed with a sideways-fluctuating rally that precedes a decline, however.
Behavior Around the High: We’ll revisit a support level that was recently a passed opportunity.
Behavior Around the Low: A notable decline into the low.
Exclusive Trade Opportunities for Subscribers:
An opportunity to open a long position in the midst of a trough on the 3rd or early on the 4th. I would close that on the 5th after a fast, sudden move higher in the midst of a rally along a diagonal trend line.
An opportunity to open a short position at the beginning of the day on the 17th and I would close that either at the end of the day on the 17th or at the key support level on the 19th.
An opportunity to open a short position at a peak on the 28th/29th to cash out on the 30th or at the latest on the 31st.
Overview
On the 1st, we’ll have an overbought crest that we’ll sell off from through multiple support levels. On the 2nd, there’s a prominent trough that will stand out on a multi-day scale and a lot of price change. On the 3rd, there’s another trough, likely later in the day. I would open a long position in the midst of that trough. I would hold that through the 4th and into the 5th. I would close that on the 5th when we have a rally along a diagonal trend line that ends with a fast, sudden move higher. There’s also a period of sideways rotation where we’ll attempt to establish support along a key support level on a multi-day scale. That takes us into a higher trough on the morning of the 4th. That’s followed by a prominent move higher and more sideways rotation at a higher price level leading into the 5th. We’ll then have a rally early in the day that precedes a notable decline. That will take us into a lowest low on the cusp of the 5th/6th. On the 6th, there’s a sharp drop in the midst of a period of volatility. I’m advised not to chase that decline. On the 7th, there’s both a prominent peak and a prominent trough. There’s a lot of price change.
There’s sideways rotation from the 7th into the 8th around the high. There’s then a sharp drop down to and through support where we’ll have a U-shaped reversal and come back up to reuse that support level around the 8th/9th. On the 9th, there’s an unexpected move higher that will take us to a peak or crest on the 10th. On the 10th, there’s a notable retracement back down into a prominent trough at the end of the day. On the 11th, there’s a notable move higher on a multi-day scale. We’ll successfully turn resistance into new support on a multi-day scale. There’s a prominent move higher through resistance and then a retracement back down shortly thereafter around the 11th/12th. We’ll then have a rally that increases with momentum moving forward in time taking us into what may be another highest high. There’s both a prominent peak or crest on the 13th/14th.
On the 15th, there’s a prominent move higher and a full retracement of that move back down. On the 16th, there’s a decline to and through support to meet a second support level and then we’ll rotate sideways along that support level. On the 17th, there’s a big move to the upside into a peak or crest followed by a notable move to the downside to revisit a key support level that we met once before. On the 18th, there’s a failed attempt to break through key resistance followed by a decline through key support. On the 19th, there’s an important support level highlighted as well as an important crest. On the 20th, there’s mixed behavior. On the 21st, there’s a notable drop off a crest through multiple support levels into what’s likely a lowest low.
On the 22nd, there’s a notable fake out/shake out. On the 23rd, there’s a notable move higher into a peak or crest early in the day followed by three crisscrosses back and forth through the same price level. On the 24th, we’ll move even higher reaching for distant resistance to meet a peak or crest midday. On the 25th, we’ll have a notable breakout on a multi-day scale that may take us into another highest high. On the 26th, there’s a notable decline through multiple support levels off of that high. There may be another notable move to the downside on the 27th. There’s a prominent trough early in the morning on the 28th. On the 29th, there’s a rally out of that trough through horizontal resistance to meet a secondary resistance before pulling back to somewhere between those two price levels. A peak on the 28th/29th would be a place to open a short position. I would cash out on the 30th or at the latest on the 31st.