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Assessments / Blog 2017-03-06 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. 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. |