The ascending wedge may have topped yesterday at the upper bollinger band on a daily chart. Todays decline was on heavier volume, so that's a good sign if you're betting on that top right here.

The bottom of the wedge needs to be broken for the full force of the pattern to be unleashed. Maybe tomorrow. Also, note that the market is resting on top of the downtrend line, which was resistance and is now support. It'll need to be broken as well.

I'm not looking for much of a correction in here, maybe just a choppy downtrend towards 800. I could be wrong. The support levels are clear enough if you're long. After that I believe we could see a rapid move higher that would become a better candidate for final topping area. I'll look at those numbers later if the market progresses that way.

There is a bearish scenario that I should mention, just in case. On a monthly chart, especially with a line plot, this move from the March lows appears to be a 4th wave. If that's what it is, then another move towards or below the March lows could begin after this advance ends, if it hasn't already, making 5 waves down. It wouldn't HAVE to penetrate the March lows, just approach them. That would make it a "truncated" 5th wave, which is fine. Of course it COULD go to new lows.

I doubt this "5th wave down" scenario will unfold for one primary reason....the advance from the lows has been too strong. I don't believe that the strength I've witnessed can be washed away so quickly. I think it'll take months for the bear to regain control of this market. But again, I could be wrong. I can tell you this though....if this rally fails right here after the volume and breadth figures we've seen, no rally will be safe. Is that what this market has in mind for us all?  Perhaps the illusive Mr. "S" knows!