One clear possibility on Jackson Hole Week

Adding the developing Head & Shoulders pattern to the clear accumulation and distribution seen on the 4h chart from June's lows until now. Note that the VPOC has already moved up from 3771 to 4137 (where we've been essentially stuck for days).

If the pattern triggers and reaches target, $ES would be right back to the accumulation cost basis, with big momo traders having pocketed a hefty 350+ point profit.

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Approaching neckline at 4115; needless to say this will be absolutely critical to hold.

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Powell's speech today gave us the catalyst to punch right through the neckline. A bounce that backtests it is very likely in coming days.

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