Expected Price Swing to Play Out to Lower Fibonacci Target

Like Friday’s morning bounce, we’re seeing our expected price swing play out to our lower Fibonacci Target.


By Corey Rosenbloom

It’s still not magic, but it’s quite impressive and helpful for making your trading decisions intraday.

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

Here are the the bullet-points from prior updates ahead of the pullback:

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  • This field is for validation purposes and should be left unchanged.
  • A short-term Ascending Triangle developed between the 2,100 and 2,115 price levels.
  • Negative divergences undercut (fail to confirm) the new highs into the 2,115 resistance target.
  • The market is overextended and (arguably) overbought.

Price initially bounced up off the 2,087 downside target then broke under this level late Friday.

A journey “down toward” the next Fibonacci Target at 2,074 took place which brings us to where we are now.

A gap-down thrust the market back into our 2,088 target level and then rapidly back to 2,074.

Use 2,074 and 2,088 as the current targets … and if we see a break under 2,074 then the next level is 2,062.