ES #F 072506

The higher timeframes indicate that a pullback is possible off the 1269.00 resistance high. Looking for a possible abc 3 wave movement into the .618 fib level at 1253.25 ish level. A sell short against the 1269.00 is a low risk trade for today. IF we do in fact retrace the move up, THEN downside targets for this morning will be: 1259.25, 1256.25, 1253.24. There is also a gap down below at 1244.75 that remains unfilled. Daily chart still shows some upside potential. Upside targets (should the market succeed in moving up before a retracement) are: 1272.50, 1277.25, 1283.25 and 1290 test