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ES #F Sideways in narrow ranges
Since the high on the 25th the ES continuous contract has fallen in a narrow range, with the smallest ranges seen in a long time. A little Selling pressure and weakness are developing and Volume Flow is to the down side, without big movements in price. Also keep in mind that the last price action happened in the holidays. A bigger pull back to the 2408 to 2402.50 area is still possible. Watch out for bar closes above 2416.25 and follow through for an up move and below 2410.50 and follow through to the down side. On the long run the Elliot wave projected targets are at 2487, 2493 and 2549 to the up side. The current up wave is the largest for a very long time and has not retraced enough to form a down wave, thus it is still in progress. This sideways action is often similar to a spring winding up and then when released, it travels quickly in a direction up or down with some force, leading to bigger market movements.
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