It's called a head and shoulder pattern and this one is mirroring the last one as drawn .
A similar thing happened in 1987 , like this one , as it implies the head and shoulder will break to the upside fooling everyone . But when the pattern changed in 1987 [break of previous pattern as drawn] it forced longs to sell /cover and the rest is history .
Look up spx in 1987 in a few different time frames and u can see the mirror then a smash .
