More Magic Planning with Emini Fibonacci Target Update June 13

Jun 13, 2016: 11:18 AM CST

Like Friday’s morning bounce, we’re seeing our expected price swing play out to our lower Fibonacci Target.

It’s still not magic, but it’s quite impressive and helpful for making your trading decisions intraday.

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

Here are the the bullet-points from prior updates ahead of the pullback:

  • A short-term Ascending Triangle developed between the 2,100 and 2,115 price levels.
  • Negative divergences undercut (fail to confirm) the new highs into the 2,115 resistance target.
  • The market is overextended and (arguably) overbought.

Price initially bounced up off the 2,087 downside target then broke under this level late Friday.

A journey “down toward” the next Fibonacci Target at 2,074 took place which brings us to where we are now.

A gap-down thrust the market back into our 2,088 target level and then rapidly back to 2,074.

Use 2,074 and 2,088 as the current targets … and if we see a break under 2,074 then the next level is 2,062.

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Corey Rosenbloom, CMT

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1 Comment

One Response to “More Magic Planning with Emini Fibonacci Target Update June 13”

  1. Anil Says:

    Got to be pretty spot on with these since the risk factor is quite high, but still we got to be fairly careful with how we go about our job and should not let emotions over take it. I always go with steady approach and it helps to be with broker like OctaFX with their tidy conditions that includes low spreads from 0.1 pips to high leverage up to1.500 plus there is also magnificent bonus which is up to 50% and is use able too, it’s very useful.