Daily price action confirms downtrend

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  Well, things pretty much worked out the way I described over the weekend in the ES.  Price could not make it over the 1908 area and basically rolled over selling off hard near the end of the day confirming the current daily downtrend is intact along with ending the new uptrend on the hourly chart.  Our first lower target is 1804 on the daily chart where I'll look to sell a PCS at this level.  I've adjust the mR level on the daily chart to about 1905 even thou on my chart below it's still shows at the 1908 level.  Intraday rallies to the 1882 area I'll look to get short the ES to the 1855 target...

ES Daily 01252016
ES Daily 01252016


ES 01252016
Click on chart to enlarge ES 01252016
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