ES_F: Intraday Chart Update

In last nights post, I mentioned that I would become more bearish if price could close below the lower trendline of the base channel. The attached chart shows that price has traded below the channel. Should the market close well below the channel, odds are that a bearish third wave is underway.

... and here is the weekly chart level. The next area of support below the market remains 1226-36.

Let's see where we close.

Best of Trading