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, itâ€™s time for another update. So letâ€™sÂ go back and see how things have played outâ€¦ andÂ look at what may come.
Back in August and November 2014, I did articles on the S&P 500 E-mini contract, the ES. Let’s go back and see how things have played out.
In both of those posts I talked about more upside targets, open gaps below current price and a probable correction. A correction of exactly 10.0 percent did occur, 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 the latest target of 2087.25 was hit on December 26th, 2014. As of this writing, the target is still open. If and when it is closed, I will post the new target.Â Do I think thereâ€™s more upside to the market ? Â Yes. Â And I will continue to be guided byÂ the price action. Thanks for reading and enjoy your weekend!
S&P 500 E-mini contract, ES – 4 Year Daily chart.
This article originally appeared on See It Market.