ES has formed an ugly topping pattern in the critical decision point of its 3-year price channel.
You could call it either an ugly version of a topping triangle, or a head and shoulders with a triangle right shoulder. A head and shoulders formation with a triangle right shoulder almost always breaks out downwards.
The H&S/topping triangle would target roughly the area of the October 15 low if they actually break out downward. A reversal there would set up a larger head and shoulders formation, with the price moving into the right shoulder on a retest of the 3-year price channel bottom.
A larger correction could abort if the right shoulder of the larger H&S turns into a megaphone, which would suggest a trip to a new all-time high. Any topping pattern can morph into a small piece of a larger topping pattern, and any topping pattern can morph into a continuation pattern.