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ES #F Mixed signals?
The current up wave in progress shows net selling so far and the volume oscillator (Volume Simplified) shows selling pressure, both bearish signals. The last completed up wave shows a movement of 22.25 points on only volume of 170280 contracts, signalling little effort for a good reward and possible bullish behaviour. A close below 2354 can lead to more selling and a larger down move. A close above 2376.25 can lead to new highs and the completion of the projected 5th Elliott wave. Possible bouncy action predicted, ahead of Wednesday’s Fed interest rate decision, the retail sales data and elections in the Netherlands.
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