Market Plan for October 27th, 2023

Is this really the bottom?

Good evening folks,

We had another day of bearish action. Surprisingly, we dropped over 50 points overnight and in the pre-market, and kept dropping at the open. We opened at 4176 and dropped all the way to 4128 before a quick bounce to 4171, and then back to 4140. We established lots of new market structure.

Here was yesterday’s plan:

We don’t want to see the price break 4215. Then, we’re clear to break lower with 4179, 4158, and 4145 as targets. They may not all be reached tomorrow, but those are the final targets of the move.

Yesterday’s projection:

Today’s results:

I flipped long after a test of 4128 and still am.

Have we finally hit a short-term bottom, or will this cycle continue? Here’s my plan: