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The charts and comments in my Blog (posted in Eastern Time) represent my technical analysis and observations of a variety of markets...
*World Indices *U.S. Indices *Futures *U.S. Equities & Sectors *ETFs *Commodities *Forex
...an expanded version of the "Observations" section in my private Daily Trading Journal.
***N.B. ~ Canadian markets are closed on Monday, May 20th for Victoria Day holiday.

Sunday, November 27, 2011

Fibonacci Confluence Zones on the ES

Below is a Weekly chart of the ES. On it are four sets of Fibonacci drawings (one Fib Retracement, one External Fib Retracement, one Fib Extension, and one Fib Fan Lines). I've shown Fibonacci confluence zones, if price were to continue falling (at some point), as follows:

1st level: 1068 - 1100
2nd level: 984 - 1020
3rd level: 900 - 936

Possible targets? Yes. Probable? Time will tell.