Updated: Dec 1, 2022
*Accuracy rating update: 92% or 11/12 predictions correct*
Day’s theme: A notable move to the upside, followed by a full retracement of that move upward.
Behavior around the high: Behavior around the high is somehow nullified. We likely hit a low off of the high with a notable decline into a trough.
Behavior around the low: Around the low, we have sideways rotation along a key support level that’s possibly increasing with bullish momentum.
I’m advised to open up some protection around the low since there will likely be a significantly lower low the following day.
I’m also advised to trade around selling from overbought territory on the RSI.
On October 26, 2022, in the pre-market we’ll see selling down to a support and through that support level. We then turn around and reuse that support level which forms a U-shaped dip. Around the open, we have a notable move to the upside. There’s an opportunity to open up a long position around the open, however it’s pretty risky and I would advise against it. Roughly between the open and 11:00 a.m., we’ll see sideways fluctuations with a bearish trend into a low. Between 11:00 a.m. and noon, we have volatility with bullish behavior into the noon hour. Right around midday, there’s a prominent move to the upside. From that move to the upside, we have a decline through a key support level on a one-day chart.
Between 2:00 p.m. and 3:00 p.m., we have selling from near overbought territory on the RSI. In the last hour, we have a move higher through a resistance level followed by a break down through that same price level shortly thereafter. In the last hour and into the post-market, there’s a brief peak before breaking down into a notable decline. There’s a gap down overnight.