Day’s Theme: A high and a low within close time proximity.
Behavior Around the High: A key technical price level at the high.
Behavior Around the Low: A brief peak followed by a decline through multiple support levels into the low.
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An opportunity to open a short position to close the morning of the 22nd.
We’ll attempt to establish support right around the open and a key technical price level established and a notable move to the downside off of that price level. We’ll then have a big move to the upside out of oversold territory. There’s some sideways rotation and the revisiting of an opportunity at that high. There should be a sharp dip that stands out within that sideways rotation. After that, there’s another move to the upside between 11:00 and noon and then a full retracement of that move back down. There’s some more mixed behavior between 1:00 and 2:00. Around 2:00, there’s a rally along a diagonal trend line. That rally ends with a fast, sudden move higher and then a breakdown through that diagonal trend line with increasing volatility on the way down. There’s an important range on a multi-day scale in the last hour.