May 16 Emini Surge Update and Fibonacci Grid

May 16, 2016: 10:17 AM CST

After a strong sell-swing took the market down Friday, we’re seeing a strong recovery bounce this morning.

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

Price traded down Friday sharply lower into the 2,041 “final Fibonacci” target level where buyers entered.

Price bounced up away from this level through our 2,048 pivot (highlighted) and made a run all the way up to the 61.8% retracement as drawn into 2,060.

We’re focusing our attention on 2,060 for the remainder of the trading day which was effectively Friday’s reversal resistance.

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Corey Rosenbloom, CMT

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1 Comment

One Response to “May 16 Emini Surge Update and Fibonacci Grid”

  1. Farooq Says:

    Market seems to be in pretty rough mood, it’s perhaps a good opportunity to ride into profits, and I believe we can make huge money if we’re able to spot the correct trend, I always trade with proper way and that leads me into good profits consistently. I am working with OctaFX broker where I get serious help, it’s especially to do with their epic daily market news and analysis service which is highly reliable and is completely free as well.