A Second Gap Collapse Day for the Emini to End 2016
Fri, Dec 30, 1:11 PM ET, by Corey Rosenbloom
As we planned from yesterday’s update, price did bounce (gap) up away from our 2,238 target back into 2,251.
That’s the good news – things went exactly as expected.
The bad news? It happened via an overnight gap and the market collapsed back to our 38.2% target.
This isn’t the first time this exact thing has happened….
Here’s today’s updated Emini (@ES) trading levels for your trades:
At this point we’re seeing a repeat of the movement “down away from” 2,270 “toward” 2,251’s target on Dec. 28.
Price went on to shatter this level which set up the collapse down to the current 2,238 target.
We were ready for a bounce but not quite ready for a more powerful collapse back to 2,238.
After a mini-bounce took place here, we’re now seeing a breakdown beneath 2,238 which opens a sell swing toward 2,227.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
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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