ES fell to the bottom of a rising megaphone (orange) on its shorter-term charts and pierced the line a bit. Then it reentered the formation, heading back to at least the purple megaphone VWAP at roughly 2080.
A reversal at 2080 puts a H&S top on the orange rising megaphone. A breakout downwards from the rising megaphone and H&S would target 2010. Then we’d see if ES can put in a simple right shoulder to complete a larger H&S.
If ES reverses at 2080 but starts a megaphone on the breakout from the orange rising megaphone, it will likely megaphone its way to both a squeaker new high and 2010.
ES could also make it through 2080 to melt up to the purple megaphone top and put a new head on a larger potential H&S.