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ES Should Form an H&S Top on its Red Rising Megaphone, Then Head Down to its Navy Blue Megaphone Bottom for an Equal Breakout Through the Other Side
ES is completing both a rising megaphone top (red on chart) and an H&S top for its navy blue megaphone.
The navy blue megaphone had an illegal breakout, so now ES should return to the megaphone for an equal-sized breakout through the other side. It looks like the target will be roughly 2000.
You can short on a little H&S top that breaks out with the breakout from the red rising megaphone. Sometimes the right shoulder will be a retest of the formation bottom.
Then expect a move back to at least 2050 to complete the navy blue megaphone, but most likely ES will head up to a smallish new high.
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