ES ended the trading day forming a megaphone across the orange megaphone top. It could break out upwards from the little end-of-day formation and spend many days or even weeks forming a top at or across the orange megaphone top. Or it could break out downwards (more likely) for a retest of at least the orange megaphone VWAP (orange horizontal line at ES 2035.50).
The orange megaphone VWAP would be the critical decision point for the direction of the next significant move. The purple scenario implies a correction to at least 1937.50 (likely) with a move to as far as the October 15 low possible (not very likely here). The purple scenario is bullish longer-term. It could lead to a melt-up of hundreds of points.
The green scenario implies a melt-up into a big topping pattern on the top of the six-month megaphone on the chart. That’s the most bearish scenario longer-term.
The pink scenario implies a drawn-out sideways move.