ES Uptrend Over Headed to 1120 Within Two Weeks

The uptrend (trendline A) is clearly broken. In fact, despite the late rally in ES, ES is unable to break back above trendline A and is failing the backtest there. Trendline B defines the new downtrend. For today either ES backtests trendline B and drops, or ES will break through trendline B and could potentially retrace all the way back to 1182. As long as ES stays below trendline B, ES is headed for 1120. In either case, the uptrend is over and in the next 1-2 weeks ES should have a big correction.