1) After the sharp fall in feb march - the market has been correcting. The correction is probably over here for two reasons a) Two large legs up. b) First high >high of the previous month(If bears have to come in this is the best place for them to come in)
Bear pattern target- Break of the wedge on downside and test of the lows and possible break and go for a measured move which is aorund 5000!
BUT All patterns fail and this may just end up being an endless pullback in the bull trend. We may get a couple of bear legs down and resume the trend up.
Bull possibility
We make new all-time high
So what new information has this pattern brought to us?
That ina few weeks/ days we will set up for a major swing on weekly charts. Read price action well!