SPY has gapped up to trigger a Sornette melt-up set-up on the ES 60-minute chart. Essentially the melt-up set-up is the little gray megaphone across the blue megaphone VWAP at 2362. In a Sornette melt-up set-up, that little gray megaphone would break out upwards without a retrace to VWAP.
Usually you’d see a double bobble as the melt-up gets going. The first could be a pullback from the megaphone top or a retest of the previous megaphone high. The second should not take out the low of the first. The second may be very fast and nearly invisible.
If instead SPY decides to fill its gap and the second bobble takes out the low of the first (purple scenario), it’s likely a megaphone is forming before a larger move down to the gray megaphone bottom. It would probably mean a retest of 2300.
Either way, there’s a great chance ES is working its way to a new all-time high to put a new top on the red megaphone. If the new high is going to cancel, we’d likely see a triangle form between 2300 and 2362ish and break out downward into a drop to at least 2150.