Inverse Head & Shoulders OR Ascending Triangle - Take your pick!

I really can't be f'ed going into the technical details on this, however it is a pattern that I noticed is potentially forming on the daily and four hour log charts. If we break out of the small falling wedge we are currently trading within, with supporting volume as confirmation; then we should see a ride up to the strong resistance at the 38.2% Fib (approx 11,730). It is then likely we will be exhausted and retrace to start to form our right shoulder. We will retrace as far as the black uptrend line and then have another go at breaking the 38.2% Fib. Provided we are successful we will then head on our rocket ship directly to our target of 17,000.

If you don’t believe me and want to disregard the inverse head and shoulders pattern, then that is fine. If we can still break out of the small falling wedge and reach the 38.2% fib, then it is likely we are still within the large bullish ascending triangle continuation pattern. A break out of this to the upside will see us go slightly higher than the head and shoulders pattern, and we will actually come very very close to challenging our previous ATH. If either scenario plays out it will officially signal the end of the down trend and the continuation of the uptrend to riches... Yay! I expect this all to play out in the next 6 weeks, let’s hope it does! However, first we need to see the breakout within the next 24 hours…