Retracement Begins June 9 Emini Update Levels
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).
Get these levels in advance with in-depth planning and trading opportunities by joining the Daily Membership.
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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