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ES #F Increasing Selling Waves
On the daily chart of the ES continuous contract, the increasing volume of the selling waves is clearly visible with decreasing buying wave volume. A potential Sling Shot is setting up to the down side. There is still some buying pressure present on the daily chart. A break of 2356.25 could lead to more selling and our target is 2339.75. A fair assumption would be that any failure to follow through to the down side, will mean that the market is undergoing absorption before continuing it’s up move. The 2365.50 area remains a key level to break to the up side.
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