Market Slices through Fibonacci Grid like a Hot Knife through Butter
Thu, Aug 31, 12:41 PM ET, by Corey Rosenbloom
Wow, that was fast! Stocks rebounded like a rocket off our 2,425 Fibonacci Pivot.
Let’s chart today’s @ES Fibonacci Grid in play:
I highlight these levels develop a game-plan for the next trading day for our members.
The prior gap-down (overnight) sent the market back to our 2,425 level and ended the session at our 2,448 “50%” pivot.
The next day (yesterday) took us UP toward our 2,458 pivot where the market closed.
Today we’re seeing a strong gap UP toward our “Final Fib” level of 2,469 at yet another key short-term pivot.
Remain bullish (playing for 2,500) if price remains firmly above 2,470 or else cautious within the Fibonacci Grids if price trades down away from 2,469.
Come join us to learn these tactics (beyond this simple/quick update) and have an evening game plan you can use effectively for the next trading day.
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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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