Updated: Feb 4
*Accuracy rating update: 100% or 9/9 predictions correct*
Day’s Theme: A period of sideways rotation along a key support level on a multi-day chart that ends with a fast, sudden move to the upside.
Behavior Around the High: A sharp decline through multiple support levels off of the high.
Behavior Around the Low: A significant move to the upside out of the low.
I’m advised to trade around a brief peak that could be easily missed. We’ll then decline through multiple support levels off of that peak.
On January 23rd, we’ll have a first low for the day in the pre-market. There will also be multiple failed attempts to break through key resistance. We’ll see a fast, sudden move higher and a breakout right around the open. We’ll then decline a bit between roughly 10:00 a.m. and 11:00 a.m. There’s a lot of movement to the upside somewhere between midday and the afternoon.
We’ll then have selling from near overbought territory at a peak. Around the close, we’ll bump up against resistance, break through resistance, and then bump along resistance again. If a long position was held overnight, I’m advised to sell it around this time. I’m advised to open up protection in the last two hours or toward the end of the day. In the post-market, we’ll have a period of volatility with a sharp dip within that period of volatility.
We’ll open up higher on the 24th.