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Price Can Actually Go Down!

Wait – what is this?  Price can actually go DOWN?

 

By Corey Rosenbloom

After the last five days, it’s understandable if you assumed we’d be seeing higher prices forever.

Nevertheless, today gives us our second pullback in the big uptrend impulse that catapulted the market higher.

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

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It’s easy to get caught up in euphoria but markets can change rapidly; overconfidence can trap traders quickly.

Here we are with the second pullback to the rising 20 EMA (30-min) along with a new Fibonacci Grid update.

The 2,340 target is achieved and should selling pressure break the index under this level firmly, we’d expect another swing down toward the 2,330 target at least.