ESU--Tuesday, August 30, 2011
A short term pattern seen on the 30 min ESU chart.
Resistance came in first at the 1.618 target early Monday morning. Sailed right through the 2.618 target during the afternoon rally yesterday, then topped out at a minor Fibonacci level between the 2.618 and 4.236 major targets.
We sold off from this level, at first gently, oscillating around the 2.618 level. Then came a spike down on the horrendous confidence numbers. Support came at the minor Fibonacci level between the 1.618 and 2.618 levels. (Came in exactly, as it happened.) Which means this pattern could still be operative and we could ultimately climb towards the 4.236 target arround 1222.50.