ESU--Monday, September 5, 2011
Updating charts posted Friday, the 2.618 Fibonacci target of an impulsive move down, which had been shown as support Friday morning was broken in the afternoon, then becoming resistance. Today we have traded below the next impulsive target down (4.236 times the base), roughly around 1143-1144. We have since recovered above it. As Europe closes it is quite likely we will linger around this level.
Below, however is the next impulsive target (6.854 times the base). That would take us below 1100..