S&P-500 E-Mini: Full Fibonacci Schematics
This is a completely full and completed schematic of CME's E-mini S&P 500 Contract. This contract started in 1997 so there are decades of data not accounted for on the real chart. However, these are just as viable and important as the Standard & Poors 500 Indice. Let us take a look at the separate (chronological) boxes and understand what they are...
#1 is VERY IMPORTANT as this has the first pair of Fib Spikes for ES1 which are the red and white lines coming across the chart. ALSO, we see an extension from the COVID low (YELLOW) and this extension exactly determined the high at 4800 and the approximate bottom.
#1 and #3 also have two up schematics in RED originating from the local low from 3500. These are VERY IMPORTANT SCHEMATICS IN 1 and 3.
#2 and #4 are the first two pairs of Fibonacci Extensions for ES1. In both, we have fib forks. In #4 there are 2 of the forks. (yellow and white)
#3, #5, #6, and #7 are the start of the next structured schematic. #3 contains the second set of fib forks for ES1. 5, 6, and 7 are all from the same structure but have completely different schematics.
#7 Contains a very important schematic of Fib Forks stemming from the inception of ES1. (YELLOW)
#8 is a formation from the COVID lows of 2020. We see the third set of Fib Spikes/Forks on ES1 here and also a Fib Schematic too. One piece of the schematic is in #1 in YELLOW and is a very important extension. It belongs in #8 but I have it in #1 because it has shown its utility.
#1 is VERY IMPORTANT as this has the first pair of Fib Spikes for ES1 which are the red and white lines coming across the chart. ALSO, we see an extension from the COVID low (YELLOW) and this extension exactly determined the high at 4800 and the approximate bottom.
#1 and #3 also have two up schematics in RED originating from the local low from 3500. These are VERY IMPORTANT SCHEMATICS IN 1 and 3.
#2 and #4 are the first two pairs of Fibonacci Extensions for ES1. In both, we have fib forks. In #4 there are 2 of the forks. (yellow and white)
#3, #5, #6, and #7 are the start of the next structured schematic. #3 contains the second set of fib forks for ES1. 5, 6, and 7 are all from the same structure but have completely different schematics.
#7 Contains a very important schematic of Fib Forks stemming from the inception of ES1. (YELLOW)
#8 is a formation from the COVID lows of 2020. We see the third set of Fib Spikes/Forks on ES1 here and also a Fib Schematic too. One piece of the schematic is in #1 in YELLOW and is a very important extension. It belongs in #8 but I have it in #1 because it has shown its utility.
Comment:
Now that we understand what each box means, lets talk about the support and resistance we see. First, there is a very strong resistance above at 5200 in #3 and #5 so expect a pullback there. I expect us to go up to the resistance in #2 and the next one above in #5 at around 5350. After examining those, we can look at #1, #4, #6, and #8 for the next levels when we get above those other ones.
