Updated: Jan 30
Month’s theme: An important peak or key resistance level is highlighted on a multi-month scale. We’ll also see selling from near overbought territory.
Behavior around the high: Three pokes through the same price level followed by a sharp decline off of the high.
Behavior around the low: There’s a significant drop to meet the low and possibly a trade opportunity at the low before a move to the upside.
Week One (1/3-1/6)
The market is closed on January 1st and 2nd. On the 3rd, there’s a decline into the end of the day, and we’ll have a period of sideways rotation with a sharp dip within that period of sideways rotation that will bring us to a support level that was recently a past opportunity. On the 4th, we’ll have a prominent peak or crest early in the day. We’ll move higher through resistance, stay above it briefly, and then we’ll break back down below that price level with a full retracement shortly thereafter. On the 5th, we’ll see a notable rally that starts from a low or a gap down early in the morning. There’s also a notable move higher to a peak or crest later in the day. We’ll decline pretty substantially on a one-month chart on the 6th.
Week Two (1/9-1/13)
On the 9th, we’ll open higher. We’ll drop early on and have some sideways movement. On the 10th, we’ll have an early move to the upside, however we’ll then sell from an overbought crest or peak toward the end of the day. On the 11th, we’ll have an unexpected move higher early in the day followed by a notable decline and multiple headwinds toward the end of the day. There’s likely a prominent low around this time. On the 12th, we’ll open lower but have an unexpected move higher toward the end of the day. On the 13th, there’s a notable move higher after an early morning low or gap down.
Week Three (1/17-1/20)
Markets are closed on the 16th. It looks like we may open lower on the 17th. We’ll rally higher early in the day and may have a full retracement of that move to the downside toward the end of the day. We may open lower on the 18th and rally a bit. That rally is likely followed by some decline, however that decline ends with a fast, sudden move to the upside. On the 19th, we’ll have a prominent high for the month. I’m advised to open up protection around that high. It’s possible we’ll see that high again on the 20th. We’ll decline from at least a day’s high early in the day on the 20th and toward the end of the day there’s another move higher.
Week Four (1/23-1/27)
We’ll open lower on the 23rd. There’s some volatility and a decline early in the day, followed by a big, unexpected move higher toward the end of the day marking the end of the previous decline. I’m advised to open up protection early in the day on the 24th. There’s a notable day trade opportunity on the 25th. We’ll move to the upper end of a range and then have a notable decline on the 26th. We’ll move to the upside and successfully turn resistance into new support on the 27th. We’ll meet the upper end of a range midday and then there’s a notable trade opportunity at the end of the day on the 27th.
Week Five (1/30-1/31)
There’s a lucrative day trade opportunity on the 30th involving a move to the upside later in the day. On the 31st, there’s either a significant decision between two leaders or a merger/acquisition of some kind. There’s a bullish move into a peak or crest toward the end of the day on the 31st.
In February, there’s sideways rotation along a key support level on the scale of a multi-month chart. We’ll rise off of that rotation to meet the nearest important resistance level. We’ll tap that resistance and then fall back down to continue rotating along the previous key support level.
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