Yes. Thick red Down trend line represents a channel RTL. I am not 100% confident where exactly point 1 of the channel belongs to, so we gonna have to wait to find out. Thick red Down trend line was drawn in anticipation of what was expected to be a channel on Fri . I don't know why it looks orange, cuze I intended for it to be red to differentiate from an already used Pink color. I envisioned it to be the first dominant traverse in the channel which grew out of traverse.
Perhaps if someone gave an objective definition of what constitutes price action on different fractal levels we could have a meaningful discussion......