Day’s Theme: Sideways fluidity with equal amounts of inflow and outflow.
Behavior Around the High: Nullified.
Behavior Around the Low: Multiple false bottoms around the low.
Exclusive Trade Opportunities for Subscribers:
An opportunity to open both a short and long position toward the end of the day to hold into tomorrow.
Overview
On October 11th, there’s a failed attempt to break through key resistance in the pre-market and a decline into a low around the open. There’s a big move out of that low to the upside into a peak around 9:50. There’s then a notable decline off of that peak that increases with momentum moving forward in time. Around 11:00, there’s another peak that we’ll sell off from into support that we’ll rotate along between 11:00 and noon. There’s a pop and drop where we’ll move to the upside and then have a full retracement back down between noon and 1:00.
In the 1:00 to 2:00 hour, there’s erratic behavior back and forth through the same price level. We should revisit a crest in the midst of that erratic behavior. Around 2:00, there’s a significant drop and some tricky chart behavior. We’ll then have a failed attempt to break through key resistance and a decline through key support in the last hour. I would open both a short and long position toward the end of the day to hold into the following day.