$ES #ES #failed breakdown #Elliott Wave
The ideal micro scenario is some strength into the Red Box this morning, rejection at the Red Box and then plunge on the election night to tag the Green Box followed by a strong rally:

ES-mini 13,500 tick bar chart
5,725 is a strong support. That level got tested on Monday. The decline off the last high made in mid October 2024 looks like a corrective a-b-c down structure.
What bulls need is a spark to trigger a rally. In the past a good spark used to be a test of a strong support.
In that modern algo driven market a good spark is a failed attempt to break under a strong support (5,725 level). Such a drop under a support would run protective stops of bulls followed by a strong and quick recovery and reclaim of the broken support-turned-resistance.
Today the market will complete the Month Opening Range of November. That range will impact trading during the following four weeks.