reversed down from a parabolic wedge
. The obvious bear target is below the 56 bull spike, making it a poor stop location. The bulls want to keep this gap open and defend the prior low around 49. A two legged correction is likely from the wedge
before the bulls and bears will begin to buy again. (Bulls to re-establish longs and bears to take profits). This market is in a large trading range, and has a tendency to create climactic rallies which lead to deep pullbacks (see year 2000 rally and sell off). However there is a broad but weakening bull channel
within the trading range. If the bears break below the 49 low, they will likely get a test of the start of the channel around 32.