JOIN OUR MAILING LIST
Newsletter / Blog


2017-02-23
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.

RISK DISCLOSURE:

The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading.

Trading Forex, Stocks and Options, Futures and any Commodity or ETF contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results and no representation is being made that any account will or is likely to achieve profits or losses similar to those shown. MCTrading has taken reasonable measures to ensure the accuracy of the information contained herein and on this website, however MCTrading does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or from an inability to access such information or any delay in or failure of the transmission or receipt of any instruction or notification in connection therewith.


Back Back to top
Close