*Accuracy review update: 100% or 19/19 predictions correct*
Theme: We meet a resistance level, and from the resistance level we break down with consecutively lower spikes up on the way down.
Overview:
On September 12, 2022, in the pre-market we have sideways fluctuations with a bullish trend that precede a decline. That bullish trend continues into the open where we have a notable move higher, either due to being oversold or the need to fill a gap. When we meet resistance somewhere between 9:00 a.m. and 10:30 a.m., there’s a good opportunity to open up a short position to protect against long positions. Before 11:00 a.m., we will poke through the same price level three times, and on the third poke through that price level we will drop pretty sharply. The opportunity to place a short position is brief, so I recommend placing it earlier rather than later. From that sharp drop down, we meet a day’s low somewhere around 11:00 a.m. Between 11:00 a.m. and 1:00 p.m., we revisit a recent past opportunity at a support level when we have a sharp dip within a period of sideways rotation. There’s a possibility that we establish a new support there. Around 11:30 a.m. or noon, we’ll rally higher along a diagonal trend line and break through horizontal resistance to meet a secondary resistance before pulling back, forming a crest.
Somewhere between 1:00 p.m. and 2:00 p.m., we have a decline through a support level to meet a secondary support level, and then we bounce sideways along that support level. There’s another crest around 1:45 p.m. There’s some erratic behavior between 2:00 p.m. and 4:00 p.m. In the midst of that erratic behavior, we move into a day’s trough. Right around the close, we’ll see some bullish price swings along a diagonal trend line followed by a break through horizontal resistance. In the post-market, we’ll see a rally that continues out of that trough. We’ll also have some sideways rotation along support before meeting the nearest resistance level. This is followed by a break back down to continue sideways rotation along the previous support level.
Sneak preview:
Likely a fake out on the 13th.