Market Plan for August 4th, 2023
A sign to buy the dip?
Good evening folks,
The downtrend came to a halt today after lots of choppy action around 4500. We dipped as low as 4485 before bouncing nearly 40 points to 4523. We were off today’s high by less than two points. Our first target from yesterday’s plan was hit and we fell short of the second.
Above 4510, we’ll be targeting 4523 and 4531.
Supply/demand chart below. Note how accurately the levels held along with highs/lows:
Does this mean we’ve finished the down move? Are we back to the bull market? Let’s see in tomorrow’s plan: