Market Plan for August 8th, 2023

Is the bull market back?

Good evening traders,

After Friday’s dump, we held the 4490 level and bounced higher. Both our 4500 and 4510 targets were hit off 4490. In yesterday’s plan, I also stated that we might see further continuation of this bounce if we could break above 4510, with my first target being 4523. This afternoon, we hit 4523 on the nose.

From yesterday’s plan:

Above 4490, we can move toward 4500 and 4510.

The 4510 level is also a significant pivot. If momentum is strong, we can move to 4523 or even make a full recovery to 4535.

Supply/demand chart:

Now, let’s make tomorrow’s plan: