Pulling Back from the Highs Emini Update April 15

Apr 15, 2016: 11:18 AM CST

Finally, we’re seeing a pullback from resistance.  How far will the market retrace and what are our targets?

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

First, step inside the price action with our post about Market Internals (Breadth and TICK).

I’m admittedly relieved that price didn’t continue defying the probabilities of a pullback – as evidenced by divergences.

Nevertheless, the trend remains up/bullish and our key levels are still in play.

For a typical breakout to succeed, we often see a pullback or retest back to the breakout price level.

For now, that’s the 2,064 @ES level as indicated.  Any future break under that level opens the market to a bearish pullback toward 2,054 (38.2% Fibonacci).

We’ll plan the future from there if price does take a bearish pathway.

Otherwise, we’re cautious again today with the pullback but will shift bullishly on an impulse that sends price up above 2,076 and 2,080.

Throw indicators and caution to the wind if price turns and breaks instantly higher here, as the “pullback scenario” is favored.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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1 Comment

One Response to “Pulling Back from the Highs Emini Update April 15”

  1. Setinal Says:

    It will be interesting to see the pull back; I think such opportunities are so many, so we can always trade well with that. I believe we should be trading with proper plans so we can adjust to any situations. It’s so helpful for me to get updates from this blog daily to allow me to perform well while it’s also easier for me to work with broker like OctaFX, it’s a great company with them too providing daily market updates to help me!