Updated: Aug 29, 2022
Confirmed rally after crisscrossing three times through the same price level.
There is an unexpected failure in the pre-market; we expected to break out but that doesn’t happen. The level that we drop to will most likely not be revisited within the timeframe of this reading. We decline sharply in the first half hour, and between 10am and 11am we have a big move higher from like the bottom of the range. Then we have an opportunity between 11am and noon to position ourselves on both sides of the market. There is a sharp decline that comes next and a few price swings within it. This leads to a notable low, which is a good opportunity to cash in or roll positions. We have a rally that creates the opportunity to roll positions, and that is between 1pm and 2pm. Then we have a rally between 2pm and 3pm, and in the midst of this we could open some short positions because we have a sharp correction in the last hour. There is an opportunity there at the low to open short positions. There is a failed attempt to break resistance followed by a decline through a support level in the post-market.
Around the high there is going to be a sideways rally that picks up steam and becomes more pronounced towards the end of hours. At the low we are going to go high and have a retracement.
A rally out of a decline.