Market Plan for September 15th, 2023
Good evening folks,
Yesterday, I asked a question: which side will break out of this symmetrical triangle? It seemed like it was an even outcome for both sides, but the bulls won. We rallied from 4470 to 4490 overnight, then rallied up to 4510 during the day. I had a position during both of these moves, following the plan I outlined in yesterday’s post:
If we break above 4490, we will be targeting 4500 and 4510.
I said that bulls would have an advantage:
Yesterday, I noted how similar August 21st-28th was to the current pattern. Today we got the a very similar result to Jackson Hole. We dropped initially, then rallied, closing higher. Notice how things are even more similar with today’s candle close. If the pattern were to continue following it means that tomorrow will be a green day, possibly a strong one.
Here’s a recap of today’s trades:
Tomorrow is Friday, the end of the week. Will bulls finish it strong with another green day or will we finally begin to slow down? Let’s make tomorrow’s plan to find out: