Based on a daily chart (long term analysis) It can not be a broadening formation (dotted line and red line) as it seems to work more as a continuation pattern. It is more a Bullish Flag (red line and black line). The bullish flag is drawn considering only the closure price as per Dow Theory and not the intraday variation. To me it still seems a market out of control (see volumes and triangles drawn on the chart), hence I personally would stay out. Overall it is a bullish Market, but it does not give any certain signal to buy yet.