ES is Working its Way Back to 2080 to Put an H&S on the Chart for Mandatory Retrace to 2058 and Trip to 3-Year+ Price Channel Bottom
ES formed another couple of megaphones overnight and is now working on a megaphone (red on chart) that should get it back to 2080.
That’s VWAP of the pink megaphone and neckline of a potential H&S that should break out downwards to complete the mandatory retrace to 2058. It should also break ES out downwards from the pink megaphone to tag the bottom of the 3-year+ price channel at long last (green and pink scenarios).
ES could also make another trip to the top of the pink megaphone after completing the mandatory retrace to 2058 (purple scenario), just to complicate the trip to the bottom of the long-term price channel.