Breaking through Resistance Emini Fibonacci Grid Update May 25
That’s two days in a row of a bullish open with follow-through!
Price gapped above our higher Fibonacci “breakout” target from yesterday and now trades at a key level.
Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:
Take a moment to see the broader Fibonacci Grid for reference.
We were playing it safe/neutral into the 2,074 target but – like yesterday – an initial opening gap ABOVE this level opened the market (and thus our trades) to play for the next upside target at 2,087.
Price continued through to the prior price high near 2,090 (@ES) and we’ll focus on that level carefully today.
Like any level, price either resists against it (and trades “down away from” it) or else breaks through it (see yesterday) and continues on to the next higher target.
IF price holds above the 2,087 and 2,090 @ES levels, we’ll be playing through “Open Air” toward (perhaps above) 2,100.
Otherwise our “downside target” in the future is once again the 2,074 level for a minimum pullback.
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Corey Rosenbloom, CMT
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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).
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