ES is Working on a Top Before a Retrace to at Least the Blue Megaphone VWAP
ES is working on a megaphone or head-and-shoulders top before a retrace to at least its blue megaphone VWAP and possibly its bottom for a final lower low for the move out of the November 2015 high.
The Blue Megaphone is a Bottoming Megaphone within the Red Bottoming Megaphone
The blue megaphone is a bottoming megaphone or inverse H&S within a larger bottoming megaphone (red on chart) or inverse H&S.
An inverse H&S with a neckline at 1950 would be a set-up for a blow-off top as long as the head of the formation hasn’t reached ES 1710.
ES could also form a big triangle here by putting in the retrace to the blue megaphone VWAP within a series of new interior megaphones across the red megaphone VWAP (pink scenario). The triangle could break out in either direction and would be a set-up for a move to the red megaphone side.
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