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ES #F Expected testing of downward target
As mentioned in several previous newsletters, the expectation was that the 2416.75 area will be tested and was tested yesterday. Also mentioned previously, the highest down wave volume for quite some time on the down swing that ended on June the 15th was the clue for possible weakness to come. The weakness appeared yesterday after an up thrust, shaking out the “weak hands” in the market. A low of 2415.25 was made on the last bar. It looks like aggressive buying is entering the market (Positive delta volume on last bar) so we can expect a pullback to the 2427.50 to 2433.25 area. Our next target is the 2401.75 area as mentioned previously, calculated by our proprietary reversal pattern. Any bar close above 2437.25 should reverse the current weakness in the market.
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