Wedge getting tight, fib levels looking about complete, and reaching previous triple top resistance.
Trade active:
Fib levels looking even better if fib 0 is adjusted to the top at 2790. Triple top resistance was tested in futures, and wedge is now up for a test. Adding to the bearish bias is the weekly RSI topping out. 2730 is a likely first target on the downside, where bulls would want to fight to support the ascending channel.
Trade active:
Market overshot to the upside, but the wedge was too tight, and we eventually broke down. Fib levels can now be finally adjusted, and it all lines up nicely. Expanding wedges are dangerous, and this is why you never want to trade following trendlines precisely. Rather scale in slowly when things look toppy.