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ES Holding Fibonacci Downside Target |
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By Mark Braun
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March 17, 2011
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While we've seen a dramatic decline on the index futures charts, the ES daily serves as a great example of where these may find support:
 Click on image to enlarge!
Price touched the 1.272 target ratio of the last major swing into the high yesterday. This is often the target which terminates a decline if it’s just corrective in nature. At the very least it’s a very good spot for the market to “debate” whether more downside is in store.
We’ll keep track of any rally from this point by focusing on our 45 minute chart in the chat room:
 Click on image to enlarge!
A break above 1275 would imply the initial upside target at 1294.75, breaking additional resistance along the way. This would give us a great upside range to work with for intraday longs, and if we see a pullback from the target level we’ll have new support in place. Support holding on a pullback from the target would indicate that there’s more upside in store, and the strong possibility that the rally is resuming on longer term as well!
For more from Mark including his “Chart of the Day”, visit MJBraun.net. |
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