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Assessments / Blog
ES #F Firing down
The previous up wave made a pullback of 13.75 points on low volume of 14760 contracts, with negative delta volume indicating aggressive selling pressure. There were no follow through to the up side and price broke the congestion zone to the down side. The Multi Time Frame Indicator triggered to the down side, weakness developed and selling pressure are present. Price action also made a sling shot to the down side. As warned on Friday selling pressure were developing and a break of the congestion zone at 2338 should attract more selling which did happen and our first down side target of 2332.25 was reached. The current down wave moved 27.75 points so far on low volume and it looks like an ease of downward movement at the moment on the wave in progress.
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