If you look at the larger trend, back on Feb. 22nd we had the 4th wave take a dive, but the 5th wave still came to the trend line (wedge). What's happening right now is the exact same thing. We had 3 waves, then the 4th is taking a nose dive, and the 5th wave will take us back to the trend line at about $10,300. People think we are about to go down into a descending wedge. I think its a false wedge and in fact, we are just now building a channel for the 5th wave up.
See the channel in purple? This is the exact same event that happened back on Feb. 22nd.