Market Plan for August 17th, 2023

The collapse continues

Good evening folks,

We have more downside and carnage today as the market sheds another 30 points. We opened in the 4430 zone, quickly rose to the 4450 zone, then failed to hold it and collapsed through 4430, all the way down to 4404. This followed our outlook from yesterday, where I said that 4450 must be held or it will lead to a collapse to 4400.

The first magnet to the downside was 4470, then 4450. Both of these levels were tested 4-5 times before finally breaking. Once they did break, however, there was a large, immediate drop. We saw that happening today with the break of 4450. If 4450 does not hold, the same thing will happen as we get drawn to 4400.

This is exactly what happened today.

Where does that leave us for tomorrow? Is this finally the level where we bounce? Let’s create tomorrow’s plan to find out: