Possible near term /ES move (C&H)

A possible cup-and-handle movement would be a trade to profit on both short and long side in the market. Rejection of the previous top in /ES at 2698.25 could signal the beginning of a C&H pattern formation. Depending on the buying pressure, we could also breach 2700 and hit 2706 target above, before a pull back and consolidation around 2695 area.

Will be interesting to see how the market moves in this new year when the traders get back and volume returns to normal.