I think the latter, though. The wedge looks like an elaborately laid bull trap. Many are just waiting to enter a long, but that could be a big mistake. Generally speaking, when I see two patterns competing with each other I choose the one that I think is more pronounced, and this wedge does not look good to me.
Of course I could be wrong, this is normal. Nothing here is 100% certain. However, I recommend caution. Global economy is in a recession, anything can happen.