Here is an hourly chart of 24 hour trading in the e-minis going back to the Bin Laden high at 1373.50.I think this correction is nearly over. The target area is the green oval. This is the confluence of the lower line of the trend channel, the midpoint (1307) of the rally from the March low at 1240 to the 1373 high (green dash line) and the level, 1310, at which the third phase of the correction will equal the length (48 points) of the first phase (blue rectangles).
Once the low is in place I think a rally will start. I expect it to carry the ES up and above the 1400 level over the next few months. This bull market is not over.
