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ES #F Swift sudden pullback?
From the previous swing low of 2415.75 the ES continuous contract rallied 39 points to a high of 2454.75, very close to the danger point for the Bears at 2458.00. A bar close above this level with follow through will reverse the immediate down trend. The swiftness of the last upswing and ease of movement from the swing low demonstrates that there was still a lot of buyers present at these price levels and a fierce battle between Bulls and Bears may happen in the near future with high volatility. The Elliott wave pattern for making a swing low at 2406, is still in play and we should watch the Simplified Volume Oscillator for Selling pressure developing and possible follow through to the down side, before this scenario will materialise. Sideways price movement from here is also possible for a while.
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