Overview:
Theta network one-year reading for 2024
Status: November 18th, 2023 8:15 p.m. Eastern time, The reading price is $.9215 or just over 92 cents.
Behavioral Trends in 2024:
The overall theme and behavior indicates a notable decline, creating multiple new resistances on the way down, as seen on a one-year chart scale. This decline is crossed with a range-bound pattern, often characterized by bouncing back and forth within a range. An important range is highlighted, and while there might be attempts to break through it, the pattern suggests bouncing within the range for a while. Eventually, the market moves into lower price levels towards the second part of the year.
Behavior around the highest high:
Behavior around the highest high includes a prominent move higher, standing out on a one-year chart scale, followed by a full retracement of that move back down. Typically, this pattern involves one major high, with two lows on either side.
Behavior around the lowest low:
Behavior around the low involves a notable move higher standing out on a one-year chart scale. This move will take the market from the bottom of a range to the top of a range, starting a scary decline, and suggesting back-and-forth movement. This aligns with the overall theme of the year, indicating initial rallies followed by declines.
Each cluster of four periods going across represents one month of the year. The two periods in the middle represent about two weeks each. The energy of each period may not align perfectly with the exact weeks, so allow about two weeks of wiggle room. The sequence of events will remain accurate, even if the timing is occasionally off by plus or minus two weeks. Pay attention to the sequence of events to stay on track.
Monthly Overview:
JANUARY:
In January, an important support level on a multi-year scale is highlighted in January. There is a rally off a low, likely in mid January, followed by a low on the cusp of January / February. The January high is likely formed at the beginning of the month. Late January sees a failed attempt to break through key resistance, followed by a decline through key support.
There may be a lower price level at the end of January, with a pop and drop in the middle and a trough.
FEBRUARY:
In early February, there is a big move off a low, standing out on a one-year scale, probably pushing the upper end of a range higher and taking the market to the year’s high thus far.
Near the low, behavior is mixed, but there is a notable decline on a one-year chart scale to reach the February low, probably in early February.
MARCH:
In March, there is a decline increasing with momentum into a sideways rotation around the cusp. The market should decline through at least two support levels, important on a one-year chart, and then rotate sideways along those supports in early March.
The March high features a prominent move higher, breaking through key resistance, staying above it briefly, and then breaking back down through the same price level shortly thereafter with a full retracement. This peak or crest will be an overbought peak or crest that sells off notably through multiple support levels on the way down.
The low will form from a decline starting off a prominent peak. The low will be seen after the high, with a decline that makes it appear as though the market is going lower. This low will probably be around the end of March in the midst of that decline.
APRIL:
There is a peak in mid April. There is an attempt to break key resistance, with a rally increasing in momentum into this high.
This is followed by price swings as we leave April and a notable decline towards the end of April, around the cusp of April and May. The notable decline continues into May through multiple support levels. There is a multi-day short-term swing trade opportunity in early May in the midst of that decline.
MAY:
In May, there is a decline in a short-term trade opportunity. Off the May low, there is a move higher followed by a full retracement back down, likely resulting in two lows in May. A big move to the upside reaches the May high, which is probably mid-month.
After reaching the May high, there is a lot of price change of that resistance, allowing for trading in both directions at different moments due to reversals. This pattern makes sense, with a low at the beginning of the month, a high in the middle, and another low at the end of the month.
JUNE:
In June, there is a notable decline on a one-year chart in early June. The exact timing of the June high is hard to pinpoint, but there is a decline throughout most of June. The June high may be a new high for the year or a prominent high after making a significant low in May.
The market moves higher through resistance, stays above it briefly, and then breaks back down through the same price level shortly thereafter, continuing the decline as we leave the month. The low of June forms after three pokes through the same trend line, followed by a sharp decline on a multi-day scale or standing out on a one-year chart.
A crest towards the June high is likely towards the end of the month.
JULY:
In early July, there is a big move higher, successfully turning resistance into new support. There is an important price level around the July high and a notable reversal in late July. Off the July low, there is a big move higher out of oversold territory.
AUGUST:
In early August, there is a notable decline to a key support level, marking the August low. The August high, which is on the cusp of July and August, forms when a rally along a diagonal trend line ends with a fast move higher, followed by a breakdown through that diagonal trend line with increasing volatility.
In late August, a resistance level is involved, from which there is a lot of price change, allowing for trading in both directions based on a reversal. An important trough occurs towards the third week of August, along with an important crest.
SEPTEMEBER:
Towards the first week of September, and possibly an even higher one towards the middle of September, there is a notable decline from the September high. There is a lot of price change and volatility on the way down into an important trough at the end of September. The same price level seen in August is revisited in September. Important trade opportunities are present around the August high and on the cusp of September.
OCTOBER:
In early October, there is a decline starting from a near-overbought crest, selling off through multiple support levels. Erratic behavior occurs back and forth through the same price level near the October low. In the midst of this erratic behavior, there is a revisit of an opportunity at a crest.
Near the October high, there is usually an attempt to establish support, typically indicating some sideways rotation and a high. There is an important and very auspicious opportunity in late October, on the cusp of October and November, likely at a peak or crest. This presents a notable opportunity.
NOVEMBER:
In early November, an important price level on a multi-year scale is met, followed by a sharp decline into an important low on a one-year chart scale towards the end of November. This low forms after a brief peak that’s easily missed, followed by a decline into the low.
Out of the low, there is a rally along a diagonal trend line, breaking through horizontal resistance to meet a second resistance before pulling back to somewhere between those two price levels. The market turns pretty bullish towards the end of November.
DECEMBER:
Most of December shows back-and-forth behavior, with crisscrossing through the same price level three times in early December. This important price level on a one-year chart scale will see a third cross to the upside, confirming a bullish trend, followed by a big move higher that stands out on a one-year chart scale.
Towards the end of December, there is a high that forms from another big move higher, also standing out on a one-year chart scale. This is characterized by a sideways fluctuating rally with a big move at the end, followed by a notable drop.
Overview of Theta in 2025
A sneak preview for 2025 shows a notable move higher, indicating a multi-range peak. This is based on a ten-year analysis, with further details to be discussed separately. The reading for 2024 indicates a similar trend.
Analysis and Predictions
There is a strong possibility of revisiting all-time highs in 2024, potentially more than once.
Key Dates and Trading Strategies
There are three locations where the highest high is most likely: probably in April, possibly revisited again at the upper end of a range, and again likely at a prominent peak or crest at the end of the year. This peak is expected to be followed by a notable decline to lows, with similar patterns in the past.
The analysis suggests that highs and lows for the year are likely to be in close proximity, with the lowest lows expected in the third week of August and potentially revisited towards the end of September or early November. A notable decline is anticipated in 2025, with the potential for new all-time highs towards the end of 2026.
The lows for the year are likely to remain above $.586, based on the previous trough and the expected revisiting of support levels. A sharp decline is expected in 2024, and the overall trend is bearish, with strong declines noted in November and July-August.
Trading Opportunities in 2024
For a multi-year trade, a significant move on a multi-year scale is anticipated in 2024-2025, with an exit strategy to be planned around the August-September price levels. The high seen in September presents a decline opportunity to open a long position, indicating that this price level may be revisited later.
For multi-month swing trades, a rally out of the low in January and into the high of February suggests entering a short position, with an exit after a notable decline. A short-term swing trade opportunity is noted in early May, during a decline starting in April, suggesting opening a long position for a quick swing trade.
Final Thoughts and Strategy
In mid-April, a high presents another short position opportunity, with an exit during a decline in May or with a close towards the third week of August.
The strategy involves monitoring key support levels, with an expected revisiting of these levels in September.
A multi-year swing trade should consider the decline off the high in September into the lows of November as a good opportunity to open long positions. Another notable short trade is anticipated when support is established near October highs, suggesting opening a short position at an important price level around the cusp of October-November, with a close during a notable decline.