ES is starting to look like it wants to correct a bit however it might continue sideways given the fact that it does seem to find many bulls for now bellow 2577. Nevertheless the risk on the upside is quite high given the sharpness of the down moves when stops are being taken out. Which reminds me that it is also possible to have a continuation of this going nowhere by going up trend after all the stops are being taken out. The way I see it the panic would be more on the long side. The chart is bellow, not as coloured as I would like because I`m not good at drawing pretty charts.
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