Mack’s Mid-Morning ES Price Action Chart 06-21-2023
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The trend continues to push lower this morning. There is a break of the light blue channel, but the darker blue channel is still a possibility, so respect it until prices show us otherwise. We could simply get a break of the light blue channel and a retest, but the darker blue channel certainly looks valid, and sometimes you will see prices move from one trend angle to another and continue to trend in the same direction, so watch the darker blue channel for now and let’s see if it is in play or not. It certainly looks to be in play.
It is also possible that we get a break of the dark blue channel at the same time, so there are a few different scenarios that could play out before it is over. Just respect the darker blue channel until we get further confirmation on it. For now, the trend and bias are down, although that could be changing, as this market seems to want to rally off any new lows lately.
