Pure Guesswork

Yesterday, after the initial move up on joint CB action, I tweeted that I was looking for 1242 in the Dec ES.

Here are the charts I was looking at (from 9:00 AM yesterday):

You can see how the two patterns are related, the base of the second pattern being roughly the first and second impulsive targets of the first. Both projected a higher target around 1242.30 - 1242.40.

And from this morning, here is how we have progressed into those patterns:

As you can see, that target level has become not resistance but a central level around which the market has traded sideways since yesterday's close.

And what if these patterns, after a pause, were to continue to work to the upside?

Here the upside targets diverge. One target would be right around 1300, the other lower, around 1279.