Slightly updated with extra trendlines (might try to put this...

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: