As you can see the ES still has room to move down more. The lower end of the 50B is at 2,518 (big gray box). In my demo account I am short at 2,569 and looking to exit at 2,528, although I will move it it 2,523.
Price is also coming off the resistance level of the 261% fib. As you can see there is a resistance line above it but the good news is the 50B fib from the upper move is in its way as well (I didn’t draw it with the gray box) so that should provide extra resistance. I am biased to the short side until price hits 2,518 then I will re-examine.
