Slightly updated with extra trendlines (might try to put this into trading view later so it isn't so squished (thanks commsec).
Imo it's building to a throwover set up ie when the ascending wedge resistance is tested in a few sessions it breaks above that resistance trend line as part of a throwever of the wedge. Hits 7320 very rapidly - sometime around late March/early April.
This is close to the timing that the Fed starts scaling down its repo pumping btw: https://www.bloomberg.com/news/articles/2020-02-13/fed-to-shrink-size-of-overnight-term-repo-offers-as-of-friday . That drop off in liquidity pumping will show up in equity markets right as they hit key resistance level.
At that point the throwover breaks back down into the wedge - eg around 300 point fall back to 7000 or so. From there depending on how things go it either breaks the support of the wedge and then rallies back up for a retest before falling again, or support holds for a bit and it rallies along up the wedge support before finally breaking down.
And the channel:
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- Friday Feb 14 - Go the distance
Slightly updated with extra trendlines (might try to put this...
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