Down and Away We Break from Emini Range April 7

Apr 7, 2016: 1:30 PM CST

That didn’t take long.

We’ve highlighted the Fibonacci Grid and sideways trading range levels for the @ES (eMini) and now we see a firm breakdown from the range, triggering a new wave of selling pressure.

Let’s update our intraday trade planning levels on this morning’s impulsive bearish breakdown:

To get a sense of the real-time progress and set-ups as it developed, see Tuesday’s morning level update along with Wednesday’s level update.

Compare those to today’s return back inside the range and current breakout from the Fibonacci Grid.

For a refresher, the levels were 2,047 and 2,034 in the @ES futures.

Note yesterday’s breakout ABOVE the range that (as expected) propelled the market back toward the 2,060 high.

The initial gap-down this morning sent shares back within the range, eventually collapsing price back toward the prior swing low target.

As of publication, the market just broke strongly – with a new Breadth (internal) low – under the 2,034 pivot.

This generates a liquidation (sell-short) swing and opens the market to trade toward lower levels like 2,020.

In the event we see the market instead surprise us and return BACK within the range, use 2,034 as your support pivot and play any bullish action that may develop within these same range levels.

Don’t predict – set up your expectations and trade the market’s movement toward or away from key levels.

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Corey Rosenbloom, CMT

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2 Responses to “Down and Away We Break from Emini Range April 7”

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