Well folks, here we are, crashing through the “First Fib” down to the official 38.2% Fibonacci Target.
After a series of tiny “stabs” through our 2,368 level, the @ES finally collapsed lower just now to our target.
Here’s today’s updated Emini (@ES) trading levels for your trades:
Strangely enough, this is how Fibonacci is “supposed” to work.
Price reached a high into 2,400 then pulled back to the “first Fib” at 2,368.
After failing to support here (see yesterday’s “Make or Break” support update), sellers took the upper hand, resulting in a crash under 2,360 toward our 38.6% Fibonacci Retracement Target at 2,348.
We’ll simply focus on 2,348 now and similarly trade the movement away from this new target pivot price.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Follow Corey on Twitter: http://twitter.com/afraidtotrade