A Great Example Of What Can Happen When Time & Price Come Together Using Fibonacci Ratios

Yesterday (Sep 10) we had a test of key support in SPX in the 7565-7578 area.  At the same time we had a timing histogram that suggested a possible low with the cycles coming in Sep 10-11.  

This told us to trail down stops on any short positions and also to consider the buy side in SPX/ES futures. Sadly, the only way there was a relatively low risk trigger was if you traded ES futures in the overnight session. On the 120-minute chart we watch we also had intraday timing for a possible low, so the lower risk entries were only available on GLOBEX.  

This is still a great example, however, of what can happen when time and price come together using Fibonacci ratios.  Now we are currently watching resistance on the way up which we are already close to.  Our next decision will be watching for a possible failure on the way up from this bounce.  You can learn more about the triggers we use for trade entries here:  https://www.elliottwavetrader.net/fibonacci-markets-and-stocks/strategy

Have a great weekend, all!!