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ES #F Pullback as expected

The ES continuous contract made a pull back as expected. The current down wave in progress draw the highest volume for some time. Traders should be cautious as the volume oscillator shows buying pressure developing. The current down wave is also an Elliott wave 4 projection which looks like it is near its end. If there is no follow through to the down side today, an upward reversal FROM the 2374.50 to 2359.00 area is possible. A close below 2359 can lead to a larger down move. If the Elliott wave count is correct we should see one more up move to around 2419.


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