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.
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