This one is pretty simple. We have a canted head and shoulder on the hourly chart with a target that puts us right at the gap at 2850. I expect we shall be seeing over-performance on this head and shoulders as price action fills that gap and proceeds downward. If you want to see the bigger picture on why I think this tops are current rally, which to be clear, is a counter move against the prevailing downtrend, please see my linked post going over the long term and intermediate signals that the S&P is entering a bear market.
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Clearly a H&S didn't top this formation but I am not too worried. We are still wedging upward and more than 2 out of 3 times these break to the downside. S&P mihgt make a new high but it is still looking like a triple top and I am not giving up my SH/SPXU positions.
@harmvanboven, That gap at 2850 most likely is going to get filled within the next trading week, if not the next few sessions. I don't think an Inv H&S is in the chart.