The Longer It Takes ES to Break Out of its Flat-Topped Triangle or Megaphone, the Bigger the Breakout Can Be
ES has morphed its flat-topped triangle into a larger flat-topped triangle (red). And it can still morph the larger triangle into a flat-topped megaphone (purple scenario).
The only difference it makes is that the longer ES moves sideways here, the farther away the top of the blue rising megaphone gets, which means the higher ES can go after breakout (I couldn’t fit the full purple scenario on the chart).
Also, note that the purple scenario would be unlikely to complete a head and shoulders inside the blue rising megaphone, which means that ES would likely put in a megaphone right shoulder and another new high after breakout.
Get Ready for a Prolonged Sideways Move
ES is likely working on a topping formation before a move back to its February low (or below) to set up a larger topping formation on the daily and weekly charts.