Assessments / Blog

ES #F How big will this bounce be?

As expected the prices bounced up from the resistance zone at 2359 to 2354. The Delta volume oscillator clearly shows net buying on the last Smart money down bar at the previous down wave’s low, and prices reversed from here. The subsequent and current up wave has drawn low volume so far, but the wave is still in progress. To complete this current Elliott wave 5, the up move should last at least to the 2401 area and the previous high. Our first target is 2419. Some weakness still can develop so watch out for closes below the 2354 area, and the current up wave volume.


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