*Accuracy rating update: 100% or 8/8 predictions correct*
Day’s theme: Movement higher successfully transforming resistance into new support.
Overview:
For September 1, 2022, we see a notable move higher in the premarket out of a trough. From roughly 9:30 a.m. to 10 a.m., we move sideways along a support level that was recently a past opportunity. We’ll then see a drop followed by movement to the upside forming a U-shaped dip from around 10 a.m. to 10:45 a.m. In the next half hour or so, we’ll move into a crest, and between roughly 11:00 a.m. and noon this will be met with a notable decline. This decline will continue around midday after meeting an important resistance level. Between roughly noon and 2:00 p.m., we’ll decline into a low, and around 2:00 p.m. a rally will commence that increases with momentum moving into the close. There is an important technical level highlighted near close at the day’s high.
Sneak preview:
A move higher with a full retracement back down.