*Accuracy rating update: 100% or 12/12 predictions correct*
Day’s Theme: A period of sideways rotation along key support that gradually increases with volatility as we move forward into the day.
Behavior Around the High: An unexpected and improbable move to reach the high that offers a significant trade opportunity.
Behavior Around the Low: A decline through a support level that we broke through recently to reach the low.
Trade Opportunities:
A trade opportunity amidst a period of volatility in the pre-market.
A trade opportunity in the midst of sideways rotation along a support level midday.
A trade opportunity in the midst of price movement where we successfully turn resistance into new support.
Overview
On January 19th, there’s a trade opportunity and a period of volatility that ends with a fast, sudden move to the upside in the pre-market. At the open, we’ll meet an important resistance level on a one-day chart. We’ll break down from that resistance level with consecutively lower spikes up on the way down to reach a low around 10:00 a.m. We’ll then rally from that low along a diagonal trend line. There are some price swings and a sharp drop between roughly 11:00 a.m. and noon. There’s a rally out of that low before we drop again.
There’s another trade opportunity when we’re rotating sideways along a support level before a big move to the upside midday. We’ll then successfully turn resistance into new support. There’s a trade opportunity in the midst of that price movement. There’s a merger or a decision between two leaders between roughly 1:00 p.m. and 2:00 p.m. There’s a big move to the upside to reach a distant resistance level and possibly the day’s high between roughly 2:00 p.m. and close. There are multiple failed attempts to break through key resistance between the close and the post-market.
Sneak Preview
We’ll open higher and have three crisscrosses through the same price level confirming a bullish trend on the 20th.
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