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Fibonacci Levels Sometimes Work Perfectly

Do you believe in magic?”

Ok Fibonacci Levels aren’t magic but they’re certainly interesting when they work perfectly.

 

By Corey Rosenbloom

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

Here are the the bullet-points from yesterday’s update:

  • 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.

Be sure to read yesterday’s update along with the prior session for additional information.

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We targeted the 2,087 @ES level for a downside swing and that’s precisely what occurred.

Buyers are bouncing price up away from this key short-term target level this morning.