November 25, 2011

ES Fibonacci levels

  • ES has given a bounce from Golden ratio. Closing values can only decide if this is the short term bottom or not. So bulls need a higher close to confirm a turnaround. 
  • ES Daily chart shows price at the golden ratio. A pause candle here may show signs of a turnaround. Closing below this level will strengthen bears.
  • Hour chart is yet to show a turnaround. Price is trending down safely below the cloud. 

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