ES reached our interim goal of 1799.50 overnight.  Is there more to come?  The currencies are mixed.

The EURUSD, a completed Bat Pattern at a long-term channel midline…

continued for members…

USDJPY, after completing the Bat and Crab, a double-top?  Threatening to break out or break down…

The dollar, showing potential for a little short-term strength followed by weakness…

The current state of the eminis…

UPDATE:  9:55 AM

If the top isn’t already in, the bulls need a stop here at our next interim target of 1795.25ish (SPX 1795.30.)  If it falls, we should go down to test 1785-1788 (SPX 1791.48.)

UPDATE:  12:25 PM

The white .786 / purple .886 combo looks like it could provide a bounce.

UPDATE:  2:53 PM

The bounces aren’t bearing much fruit.  If this morning’s low of ES 1785.75 doesn’t hold, we’re looking at another H&S Pattern, this one targeting the white .786 at 1781.6 (also a Crab 1.618 at 1782.13.)

The 6-pt bounce we got off 1785.71 was a little short of the actual .786 (1784.97.)  So, a final tag of 1784.97, followed by a quick bounce up to the H&S neckline around 1786.50 wouldn’t surprise me.

Though the .886 is at 1781.6, the neckline of a large H&S is around 1779.50.  We’re bound to get a bounce there, but when?  And, then what?   Maybe a bounce at the .886, then a quick dive below to stop out the BTFD buyers.  Keeping an eye on the clock…

UPDATE:  3:46 PM

And, there’s the neckline tag, right on schedule.

Though we should get a bounce here, think of all the fun the MM’s could have by breaking 1777.75 first — you know, just for a goof.

Trade safe.

UPDATE:  4:00 AM

After another several hours of charting, I’d say the odds are better than 50:50 that the market already topped out.  The only reason I’m not much more certain is that TPTB have proven themselves quite apt at saving the day when they feel like it.

But, what if they don’t feel like it?  With a Fed decision coming next week, might Wall Street want to give the FOMC a refresher on what markets without QE would be like? A quick 35-pt plunge might be just the ticket.

Interestingly, the neckline of the smaller H&S pattern works well as the midline of a channel whose bottom would also make a nifty neckline of a larger pattern — shown below in yellow and targeting 1500 or so.

Something to think about if the market tanks later in the morning…

Judging from the EURUSD and the USDJPY…

A Bat, a Crab and a Butterfly — all at once!