ES #F 080206

Market looks like it has made a 5 wave pattern up into globex high of 1280.25 off yesterday's low at 1270.25. IF we have 5 waves up, THEN, I will look for a .618 fib retrace of 1274.00 or so. This will close the gap from yesterday. The daily chart is looking a little toppy, but it could still go higher after a retracement. Will be watching the higher timeframes for direction. Currently, we have mixed signals: 120min says some upside is possible, with lower timeframes showing weakness. Will be looking for signs of bottoming at / near the 1274.00 area today. Let's see how many bulls are out there today. If the upside is not yet done, then upside targets are: 1290.00 test, 1292.00, 1294.00 test, 1300.25 test, 1301.25, 1309.50ish.