April 21 Pullback or Reversal Emini Target Level Plan Update

Apr 21, 2016: 11:08 AM CST

Today gives us another shallow (so far) pullback from the highs toward our initial intraday targets.

Is this just another standard retracement to be bought or the beginning of a larger pullback?

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

As the @ES traded up through the 2,100 “Round Number” target level, a build-up of negative momentum and TICK divergences (red arrows) suggested a pullback was likely.

We’re seeing that pullback right now with price pulling back 15 @ES points from the high so far.

With the pullback underway, let’s update our Fibonacci Grid levels.

First, we have the initial target of 2,086 which is the 23.6% level.

A deeper pullback beyond that opens a sell-swing pathway toward 2,075 (38.2%) but more likely the price and Fibonacci Overlap at 2,065 which is where the breakout occurred.

As you plan and adjust your trades today, focus on this grid and the overwhelmingly strong ‘creeper’ uptrend that’s not confirmed with momentum or internals.

Get these levels and in-depth planning, analysis, and trading opportunities by joining the Daily Membership.

Afraid to Trade Premium Content and Membership

Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.

Corey Rosenbloom, CMT

Afraid to Trade.com

Follow Corey on Twitter: http://twitter.com/afraidtotrade

Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

Comments Off on April 21 Pullback or Reversal Emini Target Level Plan Update

Comments are closed.