Emini Fibonacci Breakdown Update December 28
Is that an actual breakdown on a holiday week?
Price shattered our First Fibonacci line of defense, opening up a new phase in our holiday week trading.
Here’s today’s updated Emini (@ES) trading levels for your trades:
From mid-December to present, price remained in a 20 point trading range between 2,250 and 2,270.
This morning, we’re seeing a break beneath the 2,250 level that opens a new sell-swing pathway toward our 2,238 Fibonacci Target (38.2%).
It’s surprising that price gapped back higher toward the 2,270 target and then instantly collapsed to the 2,250 level.
Be on guard for a bear trap snap (bullish) reversal back above 2,250 but absent this, play toward 2,238.
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Corey Rosenbloom, CMT
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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).”
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