April 25 Fibonacci Level Update and Pullback Plan for Eminis

Apr 25, 2016: 11:48 AM CST

We’re seeing the logical and expected pullback (retracement) continue to known target levels today.

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 almost 30 @ES points from the high.

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

Price reversed and bounced off our FIRST target into 2,075 (38.2%) level.  See April 22nd’s successful plan.

Price failed to break above the 2,090 @ES pivot and retested – then broke – the 2,075 low this morning.

We’re focusing right now on the play away from 2,075.

A further downside break and continuation of the pullback targets the simple 2,065 pivot low.

Otherwise, a ‘trap’ and sudden reversal back above 2,075 then above 2,080 suggests a stronger bounce higher.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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1 Comment

One Response to “April 25 Fibonacci Level Update and Pullback Plan for Eminis”

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