I'm thinking the ascending broadening wedge is going to be bullish enough to push us through 120, up until the 125 vicinity to our approx. neckline of the potential IH&S. with a target of 150ish.
I wouldn't be surprised to catch the 50ema support for a little bit in the bigger picture on the daily as we test the top of the downtrend channel again. Ultimately, that would be around 160$, from there we'll have to see what we get.
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Here's the target, but also it is going to depend on how quickly we move up here. As you can see, if we take our time going up we're more than likely going to hit lower than 160, maybe closer to 145-150.
We'll see though. Depends on if the momentum continues. Could also have made a slanted neckline ever so slightly.
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possible sloped neckline
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I guess there is the potential to just grind up the bottom of the trendline as well, and then just take off, but we'd have to allow for a lesser shaped shoulder formation. In a bear market though, I don't expect these things to work out perfectly anyhow.
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rsi
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Within the next few hours the picture will become more clear.