New ATHs or Blood in the Streets?

A lot of people think we're headed to new ATHs. Maybe we are. But there are a confluence of factors in which we may not. The market is dangerously close to ATH again.

If they fail to break above and flip previous resistance into support, it will likely lead to a massive double-top/rising wedge combo whose breakdown target would be roughly around 438. If, instead, price continues up, we STILL appear to be in a large rising wedge pattern with confluence of a reversal occurring around 551, which is the intersection of the current ascending channel resistance and the rising wedge resistance. In that event, the breakdown target would be around 456. In either event, I don't foresee a situation in which the market goes above 560 without a strong correction at least.

I usually post on We- bull, but this is significant enough I wanted to share on here as well. I am not even mentioning the plethora of negative data that supports a market breakdown.