In the membership and morning Emini Updates, we’ve been expecting a logical pullback to lower levels. So far, that’s precisely what we’re seeing and intraday traders have been able to profit from the pullback.
Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:
Here are the the bullet-points from prior updates ahead of the pullback:
- A short-term Ascending Triangle developed between the 2,100 and 2,115 price levels.
- Negative divergences undercut (fail to confirm) the new highs into the 2,115 resistance target.
- The market is overextended and (arguably) overbought.
Price is currently falling (retracing) faster than it rallied from the May lows.
So far, price achieved three downside Fibonacci Targets (intraday) and is now breaking rapidly toward a fourth.
Today’s opening low was the 50% Retracement at 2,062 which gave way to a rapid bounce up to the 38.2% level at 2,073 from which a faster sell-swing took the price back to the 2,062 level and then beneath it.
We’re now playing down toward the 2,050 pivot level.
For more daily updates from Corey, visit his blog at Afraid to Trade.com.