Updated: Aug 29, 2022
Theme: Notable move higher out of a scary decline or bad situation.
There is a flight to safety in the pre-market. In the first half hour we move higher out of the decline. Between 10am and 11am, we establish support and there is a big move higher with a retracement. This upside-down U is a trade opportunity. From 11am to noon, we have something global pushing the market down, and then there is further decline through notable support. Congress is highlighted in the afternoon, from 1pm to 3pm. From 2pm to 3pm, there will be a peak that forms when we break their resistance level and break down through that same price level as support. We have the revisiting of a crest or like an M-formation across a horizontal price level in the last half hour. We have a sideways S-pattern through resistance and a support level that forms in the post-market.
There is a sharp decline off of the high and then the low forms when we drop off of that high.
A big move to the upside.