Just a quick thought this Friday night….. When looking at the 4 hour ES_F you can see a rough inverse H&S with the head d0own under 1340 with the right shoulder currently being carved out..
A break over the 1420 level could trigger a move up into the 1433 (Green dot) support turned resistance area from the October 19, 2012 one year trend break from 1262 support.
Over the 1433 means the right shoulder breaks upward with a eventual conversion goal into 1468 with 1480 being a target.. this level coincides with the up-trendline (purple dotted) from 1262 extended upward into time.
Of course the above scenario has positive thinking in mind when factoring in the *fiscal cliff outcome. If we go diving… we could see the right should break clear into 1350 up-trending support (red line).