A 'mirror image' foldback is when the market comes into a high or low and then 'folds back' the same way it came into this price point. In the case of the E-mini, I have drawn a vertical line showing the foldback point. Follow the blue, orange, purple measured moves. They are exactly the same on the L/R of the foldback line.
The 'mirror image' foldback fails at the foldback nodes. If the foldback is to continue, then the next couple of days, at a minimum should be down for the E-mini. If the foldback fails, basically at this point, then it's a low risk opportunity to go long after the node of the foldback is taken out to the upside by price.
