May 3 Gap into Fibonacci Level Emini Update for the Day
You may be surprised at how well our short-term Fibonacci Planning Grid is working to call quick reversals.
What are these levels, which level was a reversal point Monday, and what level is key right now?
Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:
Simply stated Friday reversed up off the 2,048 level toward Monday’s reversal point into the 2,077 (see Monday’s real-time update that called the move into the high).
Monday’s rally took us through the 2,077 target on negative divergences to close at the highs – and 38.2% level.
We’re seeing a 14 point @ES Gap Down straight into our 61.8% Fibonacci Level at 2,060.
It’s this level we’ll use for planning and trading the rest of the session.
We trade movements toward and away from key levels and 2,060 will be are departure point (target) today.
If under 2,060, look for a fall into 2,048 again. If instead buyers support at 2,060, we could rally into 2,068.
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Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Follow Corey on Twitter: http://twitter.com/afraidtotrade
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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