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ES #F_5Dec2016 Watch out for Pull back
On the 234minute chart at 23h00 Standard Eastern Time the bearish change in behaviour is visible with the largest down cumulative volume and delta volume since the 9 Nov 2016 low. On the current down wave in progress so far, the delta volume is positive, together with the volume oscillator going positive signalling a lot of potensial buying coming in. Thus a pull back is expected. If the volume high node of 2197.25 is taken out one must be careful taking shorts. In any event I will be cautious taking shorts before the volume oscillator has not turned down. Follow through to the down side is needed to prove the selling pressure has overcome the buying pressure.
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