If an ending diagonal shows up, it may be an indication that the S&P500 has topped (I was preparing for a crash in March 2022 but whatever). The market is already correcting: just look at the Russel 2000 and the Dow Jones. S&P500 could also be correcting right now, but we can't know for sure unless price breaks below previous lows (4).
I may take a long position on VIX if the pattern is completed.
DIsclaimer: this is not financial advice, I am an amateur trader, trade at your own risk.