An ascending wedge pattern forms when the top of a rising trend channel converges toward the rising trend line that forms the bottom of the channel. It is considered to be bearish because, rain or shine, the price line almost always breaks down through the rising trend line. It is one of the most reliably bearish patterns I know of.
As you can see, there is a clear ascending wedge that has formed on the S&P 500 daily chart, and a price breakdown is virtually guaranteed to occur in a matter of days, if not hours. HOWEVER, "virtually guaranteed" is not the same as 100% guaranteed -- I have seen ascending wedges that resolved to the up side.
Another thing to consider is that, if a break down does take place, the duration and amplitude will probably be short term in nature, because the entire formation only covers about a two-month time span, and it is more shallow than steep. More important is tha fact that the medium-term market behavior has been clearly bullish.
Bottom Line: The ascending wedge pattern on the S&P 500 chart is a failry reliable signal that a short correction is due at any time. While it will make the bears happy at first, I don't think the correction will last more than a few days
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