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ES #F More selling to come?
After a pullback to 2285, the ES continuous contract continued the downward move penetrating the 2277 resistance zone area. The ease of the downward movement in the last down wave in progress, suggest that there is more selling to come. So far the ES moved 19.25 points on volume of only 608 510, whilst the previous down wave moved only 14.50 points on much higher volume (938 300 contracts). The Multi time frame tool has triggered with volatility to the down side, the volume oscillator shows strong selling and Price action (long-, medium- and short term) is going downwards. The first logical downward target looks like 2258.50. We still believe that a break of 2251.75 can lead to a larger selloff.
The Multi Time Frame Indicators on our watch list has triggered on the short-, medium-, and long term.
Head and Shoulder?