First Significant Selling (red) since 16th October. I wrote yesterday “The 1 month Control has migrated to 6883.5.. In ST, either that Control shifts lower or I’ll wait for it to be exceeded before looking at new longs”.
The first negative indication was Price action subsequent to the migration of that Control – basically straight down. Then ES broke below the First Support at 6804 (dashed line on chart) – yesterday’s Value Area was generated entirely below that level, see Thursday’s note. Significant Buying (red) was marked.
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Overnight, ES has declined further to test below the big Control Support at 6711. Bulls (ST & LT) would want to see that level recovered asap, see note 5th Nov highlighted on chart.
