It wasn’t that long ago that /ES consolidated around the 1170 region before breaking out.
Currently, on /ES we can observe the following :
1. Kijun sen (trend line) flattening; suggesting consolidation
2. Tenkan sen cuts Kijun sen downwards with kumo support below; suggest price retracement and a possible bounce.
At this moment, we do not have a confirmation of a strong bearish move yet. However, we do need to see a bounce off the 1170 region and a move beyond 1200 to confirm that the bullish move is intact.