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ES #F Breakout and reversal
As expected after the prolonged low volatility, a break out came to the down side with an increase in volatility. No bar close below 2496.50 occurred and the break out immediately reversed after a Smart money down bar was formed. Another new high is possible but at the moment Selling pressure is still present, so a move in any direction can be expected from here. The current up wave in progress at the moment is the lowest up volume in quite some time (25.52k) and a reversal below the 2495.75 level will make it a no demand wave, which should lead to more weakness.
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