ES is at VWAP of its Red Megaphone and the Top of a Megaphone that’s been Forming Since March 2016
ES is at the top of a megaphone that’s been forming on the daily and weekly charts since late March 2016 (see here).
It’s also at VWAP of the red megaphone in the 60-minute chart above. It either reverses right here for a stab through 2300 or it’s up to another new all-time high and more work on a prolonged topping pattern that would suggest a big move down when it completes.
The first target in the fast stab down scenario would be 2250ish. The ultimate target is a megaphone VWAP at 2150 that needs a retest. A stab down that failed to reach 2150 before a new all-time high would be a set-up for a giant melt-up.
There are also crash set-ups on the daily and weekly charts.