Here is a 30 minute bar chart showing day session trading in the June'11 e-mini futures.
I think the market is on its way down to 1270 or so (green oval). That is the current postion of the lower line of the bearish trend channel (red dash lines) you see on the chart. It is also the target price implied by a repetition of the length of the initial drop from the February 18 top (blue rectangles).
I think the the drop to 1270 will be completed next week. Once the low is in place I expect to see the start of an extended rally which will carry the e-minis to 1400 or so.