Sorry - I'm confused ... is this bearish or bullish? Given metrics like sentiment and breadth, the broader markets (including these patterns) spell doom to me. Are we thinking the same? Is the upside breakout and broadening formation more of a "fake out" and we'll see this end around the level of the originating turnaround point ($106+)?
The pattern can break either direction, but the bias is up. I do not trade sentiment. Breadth can change, but I don't trade that either. In fact, after 3 months of range trading, it's very possible, with this new break out, for breadth to improve. I follow price. I look for patterns that could be in play.