April 29 Collapsing to Support Emini Level Update and Plan
After a rally back to the highs on the post-Fed announcement, sellers struck violently, collapsing the market to the lower Fibonacci Grid lows.
What are the lows and our updated levels – and plan?
Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:
As I’ve been highlighting, a short-term pivot range (rectangle) took place between the 2,077 and 2,088 (2,090).
Negative divergences above the 2,090 level failed to confirm a valid breakout.
The result – outcome – was a collapse and reversal (see yesterday’s update) not only to the 2,068 Fibonacci Level (end-of-day bounce) but now through 2,060 to the final target level at 2,048.
We’re seeing a similar mid-day or late-day reversal up off our Fibonacci Levels and that will guide our plan for the rest of the session.
Note the immediate departure swing up away from 2,048 to our current 2,060 target. Play safely in this volatility.
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Corey Rosenbloom, CMT
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