ES #F 080106

The Daily ES #F chart looks like it has hit resistance with the 89sma ahead and the median line of Andrews Pitchfork. I count a possible 5 wave count up from the 1243.25 low, so we can expect a possible bigger pullback from the highs at 1286.00. I wil be looking for the gap fill below and possible further downside targets of: 1265.00 ish, 1259.75 and 1255.75 to 1252.50 before we can head higher. Markets never go up in a straight line, but always retraces. So, I will be looking for signs of either profit taking at the highs, or new selling to be initiated to take this market down lower. Was the move up last week simply window dressing for month end? Watching higher timeframe charts closely for clues.