Day’s Theme: Erratic behavior back and forth through the same price level in the midst of which we revisit a crest, however this behavior is nullified.
Behavior Around the High: The halting of a bullish trend marked by a decline through key support.
Behavior Around the Low:
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I’m advised to trade around a move to the upside standing out on a one-day chart.
Overview
On October 13th, we’ll have a gap up in the pre-market. Around the open, there’s a rally along a diagonal trend line out of the open into a high. We’ll break through horizontal resistance to meet a secondary resistance. There’s a bit of a move to the downside off of that high around 10:00. There’s then some movement back and forth through the same price level and then we’ll move to the upside sometime between 10:00 and 11:00. That will confirm a bullish trend where we’ll have a significant move higher between 11:00 and noon. There should be a decline into a trough and a low midday. We’ll likely rally back into a crest between 1:00 and 2:00. There’s then a sharp drop between 2:00 and 3:00. That’s followed by a breakout at the end of the day.
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