Playing into our Emini Fibonacci Grid Again Dec 16

Dec 16, 2016: 2:48 PM CST

The Fed still can’t stop the Fibonacci!

As I highlighted in Wednesdayday’s morning update, we had our “first Fib” level just above 2,250.

We’re seeing our third test of this key level – will it hold again?  Or do we start playing to our lower target?

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

As was the case earlier in the week, our 23.6% Fibonacci Level intersects the 2,250 @ES level which is our key pivot.

Price rallied up off this level since the Fed Day when buyers defended the support.

IF they fail to do so today or Monday, THEN we’ll play bearishly toward the 2,238 level.

Otherwise, note the descending triangle trendline and bullish “Open Air” above 2,260 accordingly.

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Corey Rosenbloom, CMT

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1 Comment

One Response to “Playing into our Emini Fibonacci Grid Again Dec 16”

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