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Mini S&P Met Initial Daily Fibonacci Target |
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By Mark Braun
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February 02, 2012
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Below is the current daily chart for the March 2012 ES contract.
The target was derived as shown by the red trendlines; October's high to November's low multiplied by 1.272 and projected upwards. There are additional targets above, but reaching the 1.272 extension of such a large swing tells us that this swing is potentially overbought. It would take quite a breakdown to shift the pattern to short side on this timeframe, but starting here we certainly have a reason to be prepared for pullbacks and consolidation.
 Click on image to enlarge!
For more from Mark including his “Chart of the Day”, visit MJBraun.net. |
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