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Bulls Back in Control

Here we go! Bulls are back in control with today’s opening action and Fib Grid breakout.

 

By Corey Rosenbloom

Here’s today’s updated Emini (@ES) trading levels for your trades:

A “Bull Flag” or “ABC” Elliott Correction took us toward the 61.8% larger Fibonacci Level.

Buyers surged back into the market, reversing price higher off the 2,320 key reversal target.

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From there, the 23.6% and upper trendline served as a key target at which point sellers swiftly stepped in.

However, good economic data set the stage for a bullish breakout above the “Final Fib” pivot and upper trendline.

We’ll remain bullish in breakout territory unless/until price us back under the 2,365 upper Fibonacci Pivot.