ES1! SPX500USD 2022 Jan 17 Week

ES1! SPX500USD 2022 Jan 17 Week

Scenario1 4662 short, scenario3 4743 short, Scenario 4 bounce from
trend channel provided plenteous opportunities last week.

Will adopt a rotational play - execute trades only at boundary
4808 / 4740 / 4629 / 4573.

Concern:
- The uptrend channel has encountered structure failure => price did
not reach the supply line of channel = weakness
- Increase in bearish volume on the downward move = weakness

Weekly: Average volume down bar closing off low = no supply/strength
Daily: High volume up bar closing off high = supply present.
H4: UHV down bar closing off low followed by up bar = strength.

Entries will be based on price reaction to the levels
Short = Test and Reject | Long = Test and Accept

4874 4800
4740 4629
4573 4520
4492 4411

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Have a profitable trading week.