The Brexit Fall-out continues in equity markets including our own S&P 500(NYSEARCA:SPY).
Let’s expand our Fibonacci Grid to account for this collapse and highlight two lesser-known target areas.
Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:
Here’s a reference guide of how to use and trade from these morning updates.
We’re using the same low-to-high grid but expanding the chart to highlight the 127.70 and 161.8% Extensions.
When price gapped down under the 100% level (the May 19th swing low at 2,013), we went to our next extension target at the current 1,985 pivot.
Let’s use this level as today’s reference point, target, pivot, or bounce-line.
A bounce here opens a short-term bullish path while another break under 1,985 opens a path eventually toward 1,950.