down to 1284 - then up

Here is an hourly bar chart showing e-mini trading going back to the March low at 1241. I think a reaction is underway which is likely to carry the ES to 1284-88 or so (green oval). The midpoint of the rally from the March low is 1288 (dash green line). The high of the reaction just prior to the March low is 1284 (solid green line). A drop from today's high at 1318.75 that matches the size of the initial leg down would end at 1288 (blue dash rectangles). Finally, a couple of trading days from now the low of the trend channel I have drawn would also be near 1288.

Once this drop is complete I expect to see the e-minis resume their rally to 1400 and above.