ALGO One-Year Overview Reading for 2024
Current status: October 31st, 2023 – 7:35 pm EST. ALGO at $0.194 USD.
Behavioral trends in 2024:
Around the highest high there’s going to be three peaks through resistance level followed by a sharp decline off of that third peak. Behavior around the lowest low is going to be an important technical price level on a multi-year scale. This price level is likely a return to bear market support. We’re seeing sideways rotation for much of the year with a breakout on a multi-day scale to reach the high.
Trade opportunities
JANUARY
In late January, we have a high; we move up through a key resistance on a multi-day scale. We stay above it briefly and then we break back down through the same price level shortly thereafter. That may be a failed attempt to break through key resistance on a one-year chart type of scale– either that, or we have another move here in early February to the upside to break through resistance all by a decline through key support.
FEBRUARY
Notable decline off the February high increasing with momentum as we move forward in time into the end of the month. The February low forms after it forms from a peak that we sell off through multiple support levels into the low.
It’s hard to say if the lowest low for the year is the January – February cusp —it may just be a local low with major lows towards the end of 2024.
We have an important cash out opportunity at the end of February or the beginning of March
MARCH
We have sideways rotation in early March and a notable move and an important opportunity at the March high, which is probably the highest high of the year thus far. There’s an unexpected move to the upside.
There’s a sharp drop to reach the March low and then there’s a big, unexpected move to the upside taking us to that high.
APRIL
In early April we have a period of volatility and a sharp drop that’ll stand out in that period of April. The high forms from a period of sideway rotation that ends with a fast, sudden move higher on a multi-day scale behavior in late April: volatility that ends fast, higher on a multi-day scale and the behavior around the low for April we have bumping along resistance sideways.
The strife correlation here suggests that we might have a highest high again between March and then another one in April, or during the March-April cusp.
MAY
In early May, there’s a pop and drop; a big move higher out of a through in the first week of May to what appears to be very likely a highest high thus far and possibly the highest high here in May with a big move into that price level.
And then we flatten out at the high. That’s how we’ll determine where that price level is. In late May, there are price swings or a sharp drop off of a peak taking us into the cusp of May-June. We flatten out near the low of May. The May high is a big move into the high but we’re definitely lower by the cusp of May-June.
JUNE
There’s a brief peak that’s easily missed followed by decline through multiple support levels.
This takes us into the June low and it looks like the June high forms went out of a decline. There is a significant move to the downside, late in June, probably on a multi-day scale.
JULY
A lot of price change covered and there’s an indication of a significant bottom, maybe the lowest low thus far. The high for July forms when we push the upper end of a multi-day range higher, and the low for July forms when rally is halted by a decline through a critical support level on a multi-day scale or a one-year chart scale. There is a probability that the low in July merges with early August.
AUGUST
We will go higher into mid-August, followed by a prominent move lower on a one-year chart scale, and then a more sideways rotation at a higher price level.
A notable decline towards the end of the month offers opportunity to open up a long position in anticipation of another rally back to a crest again probably on the cusp of September-October.
SEPTEMBER
In early September, be very careful not to do something impulsive because the chart behavior or the technicals will lead you to believe we are going higher and instead we break down through multiple support levels.
In late September expect multiple false tops or bottoms.
There may be a rally at the cusp of September-October and if that’s the case, that’s going to be the fake out before a notable move lower in early October.
OCTOBER
We’ll have a fast move higher standing out on a multi-day scale out of the lows, then sideways formation within a channel in late October. The low for October forms when from a crest we sell off down two and through support do a us ship reversal below that support come back and reuse that price level as support. It looks like the lows for the month are on the cusp of October-November.
NOVEMBER
Rallying early November offering the same type of opportunity as October–maybe a combo there. From the November high we declined pretty notably down two and through support to me, a second support on a multi-day scale we bounce along that support for a bit sideways and then break down through multiple supports and that decline continues into December where we have a revisiting of a lowest low. It will either be the same low as October or it’ll bring us back to lowest lows. It’s likely going to be the same low as October or just the prominent low but there will be an important low there– probably a lowest low again after making those highs throughout the year.
DECEMBER
A U-shaped dip in early December. Big move higher mid-December from the December high which is probably in early December; we have a decline, too, through support. And then we rotate sideways along that support. That’s key on a multi-day scale. There’s an important range that’s highlighted at the end of December; big move out of a decline from the December low out of that decline to the upside, probably December low will be like early to mid-December, and we have a big move mid-month out of it.