SPY has formed a new interior megaphone (orange) within its 3-month (purple) megaphone. It should be a bottoming pattern for the last wave down from the megaphone top.
The orange megaphone would usually take the price to the bottom of the purple megaphone before reversing for a breakout upwards to at least the blue megaphone VWAP at roughly 183.50. The price could also go all the way to the top of the purple megaphone. The price could even break out the top of the purple megaphone after a dip back to the purple megaphone VWAP, wherever it is at that time.
Update: The orange megaphone VWAP has moved up to roughly 178.75 since I posted this.