The Exciting and Expected Emini Bounce August 22
Traps on both sides of the market? Another surge off support! Sounds like a typical week.
Here’s today’s @ES Fibonacci Grid in play:
Our analysis (that I’ve correctly been highlighting to members) had us focusing on 2,420 as a critical support/bounce price pivot level and today we’re seeing the outcome of that critical “last support” pivot.
This morning gave us a gap-up away from the 2,420 low as price traveled not just to our first target (the 2,439 level) but the middle target here at 2,448.
With the bounce underway and the target achieved, use 2,450 as your new bull/bear pivot within our larger Fibonacci Retracement Grid.
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Corey Rosenbloom, CMT
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