Market Plan for August 10th, 2023

CPI is here...

Good evening folks,

Hope everyone had a good trading day, there was a lot to take on both sides. It was almost an exact repeat of yesterday: drop from 4500 in the morning, hold the 4470 level, then reverse back to ~4500.

Today was a little different since we dropped back to 4470 at the end of the day. It has now tested this important demand level three times in the past 4 days. Price has been trading between 4470 and 4510 this whole time. With CPI tomorrow, we will probably break this stalemate.

Supply/demand chart:

The 4470 level has been holding despite multiple tests. Is this a sign that bears are about to break it? Or does it show that they’re weak and about to capitulate? Let’s create a plan for tomorrow and find out: