Well Look, a New Updated Fibonacci Grid for the Emini July 28
Fri, Jul 28, 12:11 PM ET, by Corey Rosenbloom
After a series of new all-time highs – at which point we really can’t draw a Fibonacci Grid to target pullbacks – we ARE seeing a decent pullback today to a key “first Fibonacci” target.
Here’s today’s updated Emini (@ES) trading levels for your trades:
A big rally emerged on July 6th off the 2,410 level that sent price surging toward 2,480.
However, a persistent negative momentum (and volume) divergence set the stage for risky conditions for the bulls … and the market snapped yesterday.
The selling (liquidation) was particularly powerful in tech names in the NASDAQ index though the Dow and S&P 500 were spared most of the collapse-style price movement.
Nevertheless, here we are, trading into – and possibly bouncing “up away from” – the 23.6% Fibonacci Pivot just above 2,460.
Use this as your short/term and intraday “bull/bear” pivot price as highlighted.
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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