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ES #F More Congestion
The ES continuous contract briefly traded outside yesterday’s congestion zone and only just made a new high, before falling back into the zone. There is some selling pressure and it looks like a weakness appeared (up wave still in progress but very low volume so far and weakness on the fundamental strength indicator). A close below 2353 (bottom of congestion zone) can lead to a larger sell off to 2336.25 where it should meet some support to complete the Elliott corrective wave 4. A break above yesterday’s high at 2367.50 can lead to another new high and the completion of Elliott impulse wave 5.
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