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ES #F Weakness?
The blue Smart Money Bar at the top on the 15th was a sign of possible weakness to follow and weakness in price action started within 3 bars after the Smart Money Bar appeared. The ES is currently in a downward pull back phase, what looks like Elliott wave 4. Resistance zone is between 2329 to 2320. The strength indicator show weakness and price action is down on short- (red), medium- (blue) and long term (black). The down wave in progress so far shows volume of 13870 contracts and a point movement of 9.75 points, signalling ease of movement down (but wave not completed yet). This is after a low volume up wave which could not make much progress. The volume Oscillator suggests that aggressive buying is taking place on this down move. We would be careful as this weakness is playing out and will wait for more confirmation signs.
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