Market Slices through Fibonacci Grid like a Hot Knife through Butter

Aug 31, 2017: 11:34 AM CST

Wow, that was fast!  Stocks rebounded like a rocket off our 2,425 Fibonacci Pivot.

Let’s chart today’s @ES Fibonacci Grid in play:

Emini @ES Intraday Trend Reversal

I highlight these levels develop a game-plan for the next trading day for our members.

The prior gap-down (overnight) sent the market back to our 2,425 level and ended the session at our 2,448 “50%” pivot.

The next day (yesterday) took us UP toward our 2,458 pivot where the market closed.

Today we’re seeing a strong gap UP toward our “Final Fib” level of 2,469 at yet another key short-term pivot.

Remain bullish (playing for 2,500) if price remains firmly above 2,470 or else cautious within the Fibonacci Grids if price trades down away from 2,469.

Come join us to learn these tactics (beyond this simple/quick update) and have an evening game plan you can use effectively for the next trading day.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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