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ES #F Absorption on smaller time frame

The current down wave has drawn the highest volume since 30 January 2017. If there is no follow through to the down side, it will resemble a selling climax. The down move is also an Elliott wave 4 projection which looks like it is near its end. On the smaller time frame (13000 tick chart) the last down wave was the smallest (59190 contracts and the down move progressed 12.75 points), which looks like absorption on the smaller time frame. Price action indicators pointing down without much progress and Volume oscillator (Volume simplified) show some buying pressure developing. A close below 2359 can lead to bigger down ward movement, otherwise reversal to the up side should make a new high.


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