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ES #F Pullback and now what?
The ES continuous contract made the expected pullback as anticipated yesterday. Follow through and a bar close below 2442 is needed to spark some more selling and end the current bullish trend. If 2429 to the down side is reached, our proprietary pattern (still in progress) shows a target of 2401.75. In this scenario the previous upswing which was the highest since May the 25th, will be a climatic action reversing to the down side. Selling pressure is present at the moment and the magnitude of the price movement (bounce) from the previous low of 2445.50 would be important. If the high at 2471 of the last Smart money down bar is not taken out, we could see further movement to the down side. A bar close above 2475.50 would put the bulls in control again.
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