A contrarian trendline in an unfinished bearish formation looking for a breakout, red zone is magnet. Trouble for bears.
The low volatility, low volume, crippled fundamentals, and wounded bears sure feels a lot like Fall 2010 and Spring 2012.....
This upside is just an appetizer, the main course will come when the bearish formation is finally completed and the confirmation move occurs, it is afterall, a bearish wedge, as you said, we moving on very low volume, which makes it even more tasty, but until that comes, more upside. Perhaps we drift up until Bubble Ben dissapoints around the magnet area. Why dissapoint ? Because I've never seen the Fed inject into the system at resistance only at support or broken support.
Completion. This is where you begin to look for an exit and patiently wait for the reversal signal. Now the battle to turn the red into support or resistance begins. Don't get caught in the barbwire, examine the clear winner after they are done shooting each other in the heads.
Mac, I don't guess, I would need to see more bar data to make that decision. Before the Fed spoke my guess would had been it stops around the red return line, now that the crazy Bubble Ben went all in at resistance, that changes the dynamics completely. All I can tell you is that so far no signal to sell has been given and should the red become support the next magnet is attached. It's too early to say otherwise.