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The line is important not because of support or resistance but because it is proven to be a magnet for the market and works as a great target if short on resistance or long off support. This target can be used until the channel the market is in break one way or the other. The reason I use this as the target instead of the other side of the channel is the middle...
1
The wedge has broke down, now market gets to retest area, it the wedge barrier holds then a good low risk area to short the ES
2
Rising wedges, above 200 ma, so still a long term bull picture that can go on for some time, Even though long term bull some good shorting fast trade are available.
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