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ES #F No clear signals?
The previous down wave made a pullback of 20.75 points on volume of 3.61 million contracts, before reversing. 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 down move, with a lot of effort and not so great result. The expected turn upwards only developed recently and follow through to the up side is needed. Look like relative strength is improving but there is selling pressure present, giving mixed signals. Be careful for a close below 2363.25, which can result in a larger down swing and even a bearish reversal. Price action on the long term (black and green line) the short term (red line) and medium term (blue line) turned upwards. Our upside targets remain at 2401 and 2419, but follow through to the up side and a break of 2383.25 is needed for a new high to be made.
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