Planning a Possible Pullback Emini Update May 26
Fri, May 26, 1:11 PM ET, by Corey Rosenbloom
I’d be a total fool for planning a pullback in this non-stop short-squeezed bull market, but humor me and let’s do it anyway just in case the market actually does pull back.
Here’s your short-term Emini Fibonacci Retracement Grid and Target Levels:
If you’re new to the trading world, you may either be puzzled by this endless bull market (“when will it end?!”) or overjoyed that you continue to make money easily and efficiently via buying every single dip this market gives us (“it’ll go up forever!”).
Still we’re trading the same market that does have a strong resiliency and persistent bullish strength.
Yes, Virginia there is a Santa Claus and Yes, Traders, the market will one day pull back.
Right now, your key focal points are the 2,415 “Bullish Ignore it All” above it (which continues the rally) and the 2,410 prior low level.
For a valid, objective plan, look to trade bearishly (intraday only) on a pullback “away from” 2,410 “toward” the first target of the overlap of the 23.6% level with the 2,400 “Round Number” target.
As traders, we are not forecasting but instead developing game plans for what we’ll do and how we’ll trade IF specific scenarios play out in real time.
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).”
SDI Glossary: "Bullish" Definition
SDI Glossary: "Finance" Definition
SDI Glossary: "Retracement" Definition
SDI Glossary: "Stock" Definition
SDI Glossary: "Trend" Definition
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