Small Pullback from the Highs Emini Fibonacci Grid August 16

Pullback? Updated levels? Uptrend continuing? Let’s take a look at our morning update.

Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:

E-mini S&P 500 15 Minute Chart

As price stair-steps higher, we have to keep expanding our short-term Fibonacci Retracement Grid.

The new levels – based on yesterday’s high into 2,191 – include the 2,179 level on which we’re focusing now.

Price currently trades exactly at this level and we’ll use it as today’s pivot.

A bounce targets the high while a breakdown targets initially 2,177 then 2,172.

For more daily updates from Corey, visit his blog at Afraid to Trade.com.