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Assessments / Blog 2017-02-24 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. 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. |