Market Plan for December 6th, 2023
The face ripper...
Good evening folks,
We’ve spent another day in this range as neither side has enough conviction/structure to break out of it yet. We opened at 4557, then quickly ran to a high of 4580 before chopping around the rest of the day. We had a small last-minute pump at the end of the day that has extended into after-hours. I mentioned that there were no bearish signs yesterday and we were unlikely to drop lower:
So far, there isn’t much that’s bearish about this candle. We did reject 4600 again, but were not able to break the middle of the range in the 4550s.
We’re still accepting higher and higher prices. Our previous range was centered around 4535 to 4550, but it’s now more focused around 4550 to 4570. This is a good sign for bulls, as it shows they’re slowly building structure which will allow them to break the yearly highs. The current price action is not a good sign for bears.
It was a day of chop and few opportunities. The range remains strong, but there are a few signs that this may change very soon...
Here’s my plan: