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Assessments / Blog 2017-03-20 ES #F Pullback or reversal? The ES continuous contract made a pullback of 20 points since the previous swing high on volume of 2.55 million contracts. In the previous three down waves, there was far less volume with just a little less progress (19, 17.25 and 17.25 points with 1.76 million, 579.18 thousand and 984.28 thousand contracts respectively), indicating a tiring current down move, although the current down wave is still in progress. It looks like relative strength and buying pressure is developing. Be careful for a close below 2363.25, which can result in a larger down swing and bearish reversal. Price action on the long term (black and green line) also looks like it is tiring and if the short term (red line) and medium term (blue line) price action turns upwards, a sling shot will develop to the up side. Our upside targets remain at 2403 and 2419. 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.
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