Here is an updated version of the point and figure chart I posted late last week.
As you can see the ES formed a higher trading range late Thursday and all day Friday (second blue oval). Then in Europe this morning the market broke above the top of this second trading range making it to 1162, the top of the trend channel I have drawn. This sequence of successively higher trading ranges is convincing evidence that the trend is upward once more and that the 1056 low will hold for many months.
The point and figure count across the second trading range projects a move to 1275, a new bull market high by a wide margin. My best guess is that before the market continues its advance it will first react to a level close to the breakout point and to the lower channel line.