Updated: Dec 1, 2022
*Accuracy rating update: 93% or 14/15 predictions correct*
A move to the upside in the face of seemingly overwhelming headwinds, possibly breaking through resistance at one point. At the high, we have a failed attempt to break through a key resistance on a one-day chart, followed by a decline through key support on a one-day chart. Out of the low, there’s going to be a big move to the upside reaching for a distant resistance level.
On October 5, 2022, we’ll see a critical technical price level highlighted on a multi-day chart in the pre-market. There’s a move to reach this price level forming a day’s high. Right around the open, we have some profit taking from that high. This is followed by either a notable decline or some price swings. In the first half hour, we have a rally that successfully turns resistance into new support. I’m advised to open up some protection around that level, roughly around 10:00 a.m. It appears that there may be some holding pattern between 10:00 a.m. and 11:00 a.m., possibly due to an agreement between two leaders. It looks like we also have another drop around this time. Around 11:00 a.m., there’s another trough, and we rally out of it. Near 11:10 a.m. or 11:30 a.m., a rally will commence. Between roughly 11:00 a.m. and noon, we’ll see three crisscrosses back and forth through the same price level. Around noon, possibly a bit beforehand, a crest will form. I’m advised not to place any trades here due to erratic behavior. There’s a notable drop around 12:30 p.m. due to a failed attempt to break through key resistance on a one-day chart. This is followed by a decline through key support on a one-day chart. The drop continues between 1:00 p.m. and 2:00 p.m.
We have another prominent crest in the midst of some volatility between 2:00 p.m. and 3:00 p.m. This is also an opportunity to open up a long position, either through a straddle or strangle, or covering a long position with puts. We should see a prominent decline at the end of the day. Be mindful of erratic behavior back and forth around this time. I’m advised to buy calls in the midst of this decline, and I’d look to sell those calls on the 10th.