Updated: Sep 5, 2022
A decline with increasing momentum as we move forward through the day.
We have a crest or high for the day in the pre-market. We pop up through resistance and then pop back down through the same price level shortly thereafter, making an A shape. We have a low correlator at the beginning of the day and I see a failure around the high at the open. Out of the open we have a move higher along a diagonal trend line through resistance. We break and meet a second resistance and then we pull back and move out of a decline. There is a notable move from support all the way to resistance that is between 10:30am and noon. Then we have a notable bottom and another day’s low correlation between 12pm and 1pm. We push out of that decline and make another trade opportunity between 1pm and 2pm. We fall again to another low for the day between roughly 2pm and 3pm. We have some selling near overbought territory in the last hour and see a completion of a trend. We push higher in the post-market.