Fibonacci technical analysis: S&P 500 E-mini Futures (
ES1!) has already found resistance at the Fib level 78.6% (6057.75) of my Down Fib. Last Daily candle (Jan 7) has closed below retracement Fib level 38.2% (5963.75). My Down Fib guides me to look for ES1! to eventually go down to hit first target at Fib level -27.2% (5811.50).
S&PES1! – Target 1 at 5811.50, Target 2 at -61.8% (5731) and Target 3 at -78.6 (5691.75)
Stop loss slightly above the 50.0% retracement Fib level (5991.25).
Option Traders: My SPY
SPY chart (Down Fib from 602.48 to 580.50) shows price to go down to Target 1 at -27.2% (574.52), Target 2 at -61.8% (566.92) and Target 3 at -78.6 (563.22)
Stop loss slightly above the 50.0% retracement Fib level (591.50).
ES1!) has already found resistance at the Fib level 78.6% (6057.75) of my Down Fib. Last Daily candle (Jan 7) has closed below retracement Fib level 38.2% (5963.75). My Down Fib guides me to look for ES1! to eventually go down to hit first target at Fib level -27.2% (5811.50). S&P
ES1! – Target 1 at 5811.50, Target 2 at -61.8% (5731) and Target 3 at -78.6 (5691.75)Stop loss slightly above the 50.0% retracement Fib level (5991.25).
Option Traders: My SPY
SPY chart (Down Fib from 602.48 to 580.50) shows price to go down to Target 1 at -27.2% (574.52), Target 2 at -61.8% (566.92) and Target 3 at -78.6 (563.22)Stop loss slightly above the 50.0% retracement Fib level (591.50).
Trade closed: target reached
Price hit my Target 1 at -27.2% (5811.50) on Jan 13, 2025 for a generous profit!Today's daily candle (Jan 13) close does not suggest price will go further down to Target 2 and so I have closed this trade with profit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.