JOIN OUR MAILING LIST
Newsletter / Blog
ES #F Different scenarios
The ES continuous contract made its biggest up move since 1 March 2017. The Smart money bar at the top and formation of Elliott wave 4 suggests this must be a buying climax and prices will move sideways to downwards to the eventual target of around 2301 (Elliott wave 5 target). The second scenario is that the current up wave in progress, which drew 3.01 million contracts and moved 42.75 points, is a bullish change in behaviour, with some more upward progress to come. No clear evidence or signals exists at the moment to see which scenario will eventually play out. Expect some choppy sideways action in the process. A close above 2360 will favour the second scenario and a close below 2317.75 will favour the first.Based on the daily chart and Elliott wave principals the first scenario is most likely. Prices should find resistance in the 2360.50 to 2365.50 area which can lead to a possible reversal.
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.
|Back||Back to top|