-channel and resistance/support level confluence
-ONLY if breaks below both of the above, countertrend
moving the S/R rectangle, price is closing at resistance.
will be one of those evenings (asia/europe) where I will watch how price reacts to that rectangle... i.e. floats/tests above it could trigger the setup for 5750 5th wave. (resistance has become support)
the key is how price reacts tonight... sideways typically bad for a bear case.