In addition to topping megaphones within topping megaphones, ES now has a potential rising wedge vs a potential head and shoulders on its chart. Either formation could break out upwards, which is why you stay long until the market gives an actual set-up to short, but usually we’d see a retrace here to at least the VWAP of the navy blue rising wedge at ES 1854.25/SPY 185.90.
After that retrace, the megaphone formations on the chart would require a bounce to ES 1925.50/SPY 193. From there it could go either way.
There’s a clear Sornette bubble on the long-term ES chart that has formed since the 2009 low and usually that would require a retrace here to roughly 1350. But maybe the market wants to extend the topping process before that retrace.