The ES daily time frame is in a down channel. The
market is just above the bottom of the channel.
There is a down Fibonacci with an extension
price point 4070.50 about -241 ticks below the
market that equals the daily support.
It will be a good idea to let the market fall bearish
towards the daily support price point 4070.50 and
see if the market will either A) break above the
short term down trend line and push bullish
towards the top of the channel price point 4493.75
about +1,414 ticks above the market.
Or B) The market breaks below the bottom of
the channel and shows signs of pushing bearish
towards the monthly support price point 3004.50
about -4,510 ticks below the market. To be
clear. There is not enough evidence to make a
decision for long or short and more candlesticks
are needed to make that decision.
market is just above the bottom of the channel.
There is a down Fibonacci with an extension
price point 4070.50 about -241 ticks below the
market that equals the daily support.
It will be a good idea to let the market fall bearish
towards the daily support price point 4070.50 and
see if the market will either A) break above the
short term down trend line and push bullish
towards the top of the channel price point 4493.75
about +1,414 ticks above the market.
Or B) The market breaks below the bottom of
the channel and shows signs of pushing bearish
towards the monthly support price point 3004.50
about -4,510 ticks below the market. To be
clear. There is not enough evidence to make a
decision for long or short and more candlesticks
are needed to make that decision.