Updated: Nov 17, 2022
*Accuracy rating update: 94% or 16/17 predictions correct*
Day’s theme: A sideways S-formation (two declines and an incline in between).
Behavior around the high: A notable decline off of the high that offers an opportunity to position oneself for a rally
Behavior around the low: Behavior around the low is nullified or somehow made irrelevant.
Trade opportunities: N/A
On November 17th, the first high for the day is somewhere between the pre-market or the first half hour of trading. There’s some volatility in the first half hour. There’s a failed attempt to break through key resistance roughly between the open and 11:00 a.m. That failed attempt turns into a decline through key support. We likely meet a significant low somewhere around 11:00 a.m., and I’m advised that this is not a good opportunity to open up a new long position. Out of that low, there’s a notable move higher that will stand out on a one-day chart. We retest the same resistance level that we failed to break through earlier in the day. We’re expected to break through this resistance level, however we fail to do so. We then turn around and decline pretty hard through key support again.
The second high for the day is somewhere between noon and 2:00 p.m. From that failed attempt to break through key resistance, we decline to and through a support level, meet a second support level, and then we bounce along that support level sideways for a bit. We’ll then break down through multiple support levels. Around 2:00 p.m., we rotate sideways along a key support level. We meet a critical price level in the last hour. Right around the close, there’s a decline from a support level to meet a secondary support level, and then we rotate sideways along that support. There should be a bit of a move to the upside around the post-market or overnight.