Rush to the Highs Emini Fibonacci Bounce Update Aug 29

Aug 29, 2016: 12:27 PM CST

Back toward the highs we go!  It’s almost as if Chair Yellen said nothing that surprised the market (hint – she did).

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

Here’s a reference guide of how to use and trade from these morning updates.

The suggestion that the Fed will raise rates sooner than expected collapsed the market all the way to the 61.8% Fibonacci Retracement near 2,160.

Today saw us continue the bounce/reversal up away from the 61.8% price pivot.

Let’s focus on the 23.6% level at 2,180 which is also the Midpoint of the prior Triangle.

Be bullish above this pivot and bearish beneath (to continue the range).

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Corey Rosenbloom, CMT

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1 Comment

One Response to “Rush to the Highs Emini Fibonacci Bounce Update Aug 29”

  1. Sodhi Says:

    There surely looks like an opposite line soon going to be placed, it’s decent chance to have a go at it. I always love trading in such situations since they can be very handy to work over. It’s ever easier with broker like OctaFX which too is seriously helpful with stuff like swap free account, daily market news and analysis updates plus having low spreads from 0.1 pips for all major pairs, it’s all ever helpful for performance for us.