Update

Here is a thirty minute bar chart showing 24 hour trading in the e-minis. I think the market is about to drop to support defined by the late June and early August highs at 1127 (blue dash line). This is also the midpoint of the 2007-09 bear market and the level of the lower boundary of the trend channel I have drawn in red.

From a low in the green oval I think the ES will rally to 1175 and eventually much higher than that.