Market Plan for October 6th, 2023

Crisis averted

Good evening folks,

We had a mildly bullish day as both bulls and bears couldn’t break through key levels. The result was a back-and-forth ping pong. We opened at 4260, made a high of 4270, a low of 4227, and we closed right back at 4260. Bears were not able to make new lows.

Yesterday, we highlighted the importance of 4230 as a key pivot, and today it was indeed a key bounce level. Bulls saved themselves by holding 4230 and quickly bouncing off it:

We could dip lower, but we don’t want it below 4230. We don’t want acceptance at prices that low.

Who will be the first to break out of this range? Here’s my plan: