Market Plan for August 21st, 2023

Is this the end of the correction?

Good evening folks,

Last Friday, the bears abruptly stopped the downtrend as bulls aggressively defended the 4340 level. We opened around 4340, dipped a few points, then slowly grinded upward the rest of the session, all the way up to 4380. I marked 4340 as a key level multiple times in previous posts, including Friday, where I said:

Now that 4400 is broken and we’re near 4375, the next major magnet below is 4340.

After that target was hit, the path of least resistance was up. Bears were out of energy. This is how I traded from 4340 to 4360, profiting 20-25 points.

Will we continue this bounce tomorrow? Let’s find out in tomorrow’s plan: