If this, which could appear to be too good to be true for long-term short-sellers, really happens, then maybe we could see the "Trump rally" become erased(Fundamental new could be linked to raise in corporate taxes again? Punishing the FANG etc?). Borrowing could become more expensive (increasing interest rates). This would go the same for the European Quantitative Easing. We would then be back to 2014-2015, where I think every equity markets started to become a Central Bank-engineered "price bubble".
could decrease towards the formation of the potential second shoulder, then spike while the neckline is being cut. The could start going lower and lower until oversold territory. But this would be a positive sign for shorts.