Here is a daily chart of the December e-minis. I think a rally has begun from Monday's low at 1123.50. I expect to carry as far as the last rally did - from 1105 to 1223, a total of 118 points. Adding 118 to 1123.50 gives 1241 as the upside target (blue dash boxes).Once the market makes it to that target I expect it to begin another bear market down leg. As I have pointed out in this post I think the ES will drop below 1000 on that down leg. If the drop matches the size of the May-August break which was 290 points it will carry the market to 950 or so.
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