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ES #F Up wave tiring
The current up wave in progress drew 1.72 million contracts and moved 17.25 points so far, compared to a similar volume wave on 16 March 2017 (wave before previous up wave) which drew 1.78 million contracts, BUT moved 34 points. Thus it looks like current up move is finding it difficult to progress. Selling pressure is also developing. We do not expect the current up wave to go beyond the 2358.25 area. Our down side targets is 2332.25, 2314.75 and 2303.25. It is possible that trading can take several days to weeks to reach these targets.
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