Bulls have been taking over for quite some time. And I believe that the recent increase could be the first motive wave. Then the first wave seems to ended with the sharp downward movement. But I don't think the corrective wave is over because if I'm right the first waves tend to be corrected heavily, dropping to 0.618 fibo level. Also, I suspect that the second wave could be developing in extended flat pattern. At last, potential rising wedge or ending diagonal (almost same thing) gave me more confidence to open a position.