Rare megaphone pattern, time for retracement?

The super rare megaphone pattern seems to be playing out on the S&P. Usually, this pattern signals reversal, often to the bearish side, with the 5th wave usually breaking out of the trend. If we break down, this could also cofirm a double top on the longer term, amplifying bearish momentum. A breakout above the upper, rising trendline signals new ATH on the S&P.