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ES #F New all-time high
Yesterday the market initially tested the 2426 area, but there was no follow through of the initial weakness and could not break the 2418.75 level. Strength entered the market (the Smart money down bar and Positive delta on this bar should have been a warning for aggressive buying that entered the market) and reversed to an all-time new high of 2451.50. If the market reverse from here without any new highs, the reversal pattern on the longer term to 2402 may very well play itself out, if the 2436.50 level to the down side is broken. However, the Elliott wave projection to 2459.25 at the top of the 4hour channel can be the next upward target level. A pullback is likely as we have divergence to the down side on the Volume Simplified Oscillator and Smart money up bars at the swing high.
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