Chart Gazing - ES

Whilst I do not normally go out past the daily chart except for UsdJpy.. I thought it might be interesting to take a look at the S+P futures - ES from the top down so to speak.

Monthly -
Bullish with two topside targets at 1437.75 then 1550/60 roughly.

Weekly-
The weekly more clearly identifies the current CD leg of an AB=CD structure. Target is 1437.75.
That level also coincides with the 113 - 127.2 fib extension zone after the BC retracement of 78.6-88.6 and is also the support turned resistance level from the fall in Dec 2007.

It is worth noting that we also may be forming the right shoulder of an SHS formation. Whilst not completely symmetrical the current neckline would come in at 1087. Obviously, if we end up down there then we are  definitely in deep trouble as we have been hit by a very large black flying thing... measured move would end up somewhere down near 800... Oh the Mayans will be pleased..

Daily-
Whilst the Monthly and Weekly chart clearly define both direction and targets the daily presents us with how we might reach those targets and where we can join the action.

The previous AB = CD target 1376.75 has clearly been surpassed as has the harmonic patterns. Thus how much higher can we go?

Although I am no elliot wave person, I am always on the look out for the killer third wave ( as I prefer to be on them and not under them).
The current ES Daily chart does look as though we are currently in the 3rd wave of the pattern. As such, this current wave may indeed lead us directly to the weekly target level at 1437.75 if we can break immediate support turned resistance at 1415.50.
From there we can look for a 4th wave retracement back toward the zone defined by the 100 Ema and the breakout level at 1289 for the final and 5th wave to take us into the monthly secondary target above 1550.

The secondary target also comes in at the current up channel resistance.