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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.
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