It is clear on one thing. ES is basing for either a large move up, or down. Which direction? Who knows. We just have to react when it does.
You can see ES is still within this purple main channel but riding the orange trend down. We have already broken out of the main uptrend (white), which usually indicates price would like to retest the highs or make a new high. If ES retests the main purple channel's support around the time it touches the orange downtrend's support at ~4126, ES could see another dip buy with strong momentum. Strong momentum buys or sells usually can be seen when two trend correlate with each other.
On the other hand, if we fail 4126, we can probably see 4100-4080.
You can see ES is still within this purple main channel but riding the orange trend down. We have already broken out of the main uptrend (white), which usually indicates price would like to retest the highs or make a new high. If ES retests the main purple channel's support around the time it touches the orange downtrend's support at ~4126, ES could see another dip buy with strong momentum. Strong momentum buys or sells usually can be seen when two trend correlate with each other.
On the other hand, if we fail 4126, we can probably see 4100-4080.