ES broke up from the triangle developing yesterday morning and is testing the February highs. There is a possibility that a double-top is forming here but I'm not at all keen on this as I think the time for this pre-main high retracement has come and gone. Worth bearing in mind though. What looks like a bullish IHS has developed during this retracement but the appearance is deceiving. H&S patterns are purely reversal patterns and the technical targets given for these patterns are taken from reversal patterns only. The decline into this pattern was very short and this is therefore not a reversal pattern. Having said that I have seen some strong up moves developing from setups like this, and those can often make the reversal IHS target. That would be 1562 in this instance but that is not to be relied upon:
