With the RSI
overextended at 76 and stochastic
indicator topping out, I thought it prudent to be on the lookout for bearish
formations that could lead to a reversal of the bull trend. Bullish
exuberance is on a high and in a 14 month bear market that in itself is a contrarian indicator. There are several touch points in this steep rising wedge
, the target $3300-$3400 if it plays out. Upside is still likely in the short term however.