I posted articles on the S&P 500 futures, the E-mini contract (ES) back in August and November, using my Fibonacci method to provide a status update for traders. Considering that the U.S. equity markets are once again at all time highs, it’s time for another update. So let’s go back and see how things have played out… and look at what may come.
For reference, you can view the August post here and the November post here.
In both of these posts I talked about more upside targets, open gaps below current price and a probable correction. Note that a correction of exactly 10.0 percent did occur on the S&P 500 futures. As well, the gaps were closed, the targets were hit and closed and a new upside target of 2087.25 was obtained using my Fibonacci method. Keep in mind that my method and style of drawing Fibonacci levels is NOT the conventional way most people have been taught to draw fibs.
In the 4 year, daily chart below, you can see that the latest target of 2087.25 was hit yesterday, December 26th. As of this writing, the target is still open (as price needs to close above the target). If and when it is closed, I will post the new target.
Do I think there’s more upside to the market ? Yes. And I will continue to be guided by the price action. Thanks for reading and enjoy your weekend!
S&P 500 E-mini Contract, ES – 4 Year Daily chart
Follow Dave on Twitter: @TheFibDoctor
No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
