Update

Here is a 30 minute bar chart showing 24 hour trading in the e-minis. The market has started to struggle as it has approached the late June and early August tops at 1127 (red dash line). The trend is still upward however. I think the ES will get close to or perhaps take a peek above 1127 and then break 20 points or so back to the lower end of the green trend channel. After that I think the market will break decisively above the 1127 level, thus staging an upside breakout from a clearly defined head and shoulders formation.