ES reached its mandatory retrace target for the orange rising megaphone on the 5-minute chart yesterday.
It formed the red falling megaphone in the course of that retrace and if it can make a lower low straight from here it will have confirmed the blue falling megaphone. Either way, ES is likely to see 2170 again.
ES is still dealing with a flat-topped megaphone within a symmetrical megaphone on the 60-minute chart. Here’s the chart from yesterday:
The purple scenario would trigger a melt-up set-up on the daily chart. The target depends on exactly what happens before the breakout to a new all-time high.