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Assessments / Blog 2017-03-28 ES #F Quick pull back The current up wave in progress drew 1.43 million contracts and moved 24.75 points so far, a relative quick pull back so far. Based on the Elliot wave projection we do not expect a move beyond the 2347.25 to 2356 area. A Smart money bar developed 4 bars ago, which also might signal the end of this pull back to the up side? Confirmation of the Price Action and Multi Time Frame Trigger is needed before any action is taken. The Buying pressure present at the moment, also need to end before any continuation to the down side will take place. On the Cumulative Volume Histogram the weakening selling pressure can be seen, before the pull back occurred. The biggest up wave of the last 5 up waves drew 2.65 million contracts. If the current up wave drew more than that number with an unhindered up move, a reversal to the up side is possible (bullish change in behaviour), as the wave already progressed 24.75 points so far. A close below 2326 should attract some more selling. Our down side targets are now set at 2326, 2317.75 and 2303.25. 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. |