Dragging the Emini Fibonacci Grid to New Highs Dec 7

Dec 7, 2016: 12:56 PM CST

Buyers continued their relentless campaign of accumulating stocks as the S&P 5oo broke to new lifetime highs.

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

After a pullback took the market toward our 23.6% Fibonacci Level last week, buyers aggressively intervened on the Double Bottom with Divergence pattern I highlighted Friday:

In a bull market, prices simply go higher!  Buyers are aggressive and short-sellers aren’t strong enough to thwart the campaigns of the buyers.

In fact, as a market breaks to new highs, many bears (short-sellers) actually become buyers when their stops are triggered.

That’s what’s happening today with the instant breakout impulse right now.

The Fib Grid won’t come into play until we do get a retracement but still keep these levels handy for your reference.

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Corey Rosenbloom, CMT

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2 Comments

2 Responses to “Dragging the Emini Fibonacci Grid to New Highs Dec 7”

  1. Mitchell Starc Says:

    It’s definitely hard to pick where we are going to head next on the trend, but I guess we don’t need to predict anything and just follow the trend. I don’t worry much over this thanks to my broker http://www.tradewisefx.com/. It’s through their 50% bonus on deposit that I am able to work out everything perfectly and be aggressive!

  2. Shruti Says:

    It’s really on peak now, I believe such times are great when it comes to trading as then we can really perform right in terms of scalping, so that’s where we need to be very careful. But, we just need to make sure we keep good risk management in place to get it working better. I trade under OctaFX and with them, I am able to do it all nicely with their breath-taking 50% bonus on deposit which is very special and helps me big time!