Here is a 60 minute bar chart of day session e-mini trading. The market has accelerated above the high of today's range estimate at 1010. I think this means that the move to 1054 is underway.
If I'm right about this reactions along the way should run no more than 10 points or so. Right now the breakout level for this up move is at 1002 (blue dotted line) and this should be very strong support for any reaction. Next minor resistance on the way up is at 1015 (red dotted line), the midpoint between the 1291 high of September 2008 and the 739 low of November 2008 as well as the level of two recent intraday lows.
Once the market moves past 1015 it will confirm my suspicion that the supply shock that hit the market Tuesday was just a successful attempt to shake out weak longs and to build up an aggressive short interest in the market. If so, the move to 1054 should be a quick one because a great deal of technical strength has been built up by the shake out.
I am sticking with my view that the e-minis will reach 1120 by the end of October.