Things been formimg for a year and seems to have attained its symetricized point right here at 69.30 +/-. Implications for the rest of the market?
Triangles/wedges are continuation patterns. The downmove from the ~$96/share high to the ~$57/share low preceded the pattern. You would "expect" a downside continuation from here. We'll see.
What little I know of technical analysis tells me this pattern is symetrical about the horizontal axis and as such would have no apparant bias after the formation is complete up or down but a breakout is imminent. How is down the choice?
The wedge is an "interruption" of the prior downtrend. You "expect" the prior downtrend to continue. We'll see.