Retracement Begins June 9 Emini Update Levels

Jun 9, 2016: 11:07 AM CST

Our Triangle Breakout Plan described yesterday was successful!

Price reversed and traded logically down away from the 2,110 @ES level on negative divergences.

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

Here are the the bullet-points from yesterday’s update:

  • 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.

Here’s the main quote from yesterday’s update:

“Odds/probabilities favor a retracement down away from the 2,115 level (red path).”

With the retracement currently in motion use the Fibonacci levels above to your advantage (2,087).

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Corey Rosenbloom, CMT

Afraid to Trade.com

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4 Comments

4 Responses to “Retracement Begins June 9 Emini Update Levels”

  1. June 9 Retrace Bounce Market Update and Big Stock Scan | Afraid to Trade.com Blog Says:

    […] let’s view this morning’s update on the S&P 500 with respect to the broader picture and key […]

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    […] Here are the the bullet-points from yesterday’s update: […]

  3. Fibonacci Levels Sometimes Work Perfectly - TradingGods.net Says:

    […] Here are the the bullet-points from yesterday’s update: […]

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