🐋ORCA 2: Free Chart Analysis, YEET+ Whale Sentiment
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📊 Chart Analysis: Trendline Rejection & Level Loss
ES showing that a backtest of the low is currently on deck.
Trendline Rejection: Price action made a clear attempt to break above the primary descending resistance (the white diagonal line) but was met with a firm rejection. This indicates that the bears are still defending the dominant downtrend for now.
Key Level Loss: We’ve seen the loss of several critical overhead horizontal levels, specifically the 6,584.50 and 6,638.75 zones. Failing to hold these levels as support has shifted the immediate momentum back to the downside.
Targeting the Floor: With the recent breakdown, the chart is eyeing a revisit to the previous swing lows near 6,481.75 – 6,483.50. This “backtest of the low” will be the ultimate test: if buyers step in here, it creates a base for a reversal; if not, the door opens to lower levels.