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ES #F Congestion
After a down move of 9.75 points the ES continuous contract is moving sideways in a congestion zone. A pull back to the 2346 to 2329 zone is possible to complete what looks like an Elliott wave 4 down. The Volume Oscillator shows selling pressure, which could be profit taking. The Delta volume (Net volume) suggests a lot of buying in this down wave in progress, but one has to wait for the wave to end before reaching any conclusions. This side ways to down price action came 4 bars after the Smart Money Bar at the top on 21 Feb 2017. A break up or down out of the congestion zone (2363.75 at the top and 2355.25 at the bottom) would help to give further clarity as to the future price direction. We would be cautious in trading, with a wait and see attitude.
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