Critical pattern on US stock markets

The S&P500 is showing signs of weakness in the current uptrend, and the formation of a long term tentative rising wedge (classically a bearish pattern) is indicative of a potential break down. Price action coming up to once again retest the resistance trend line, another rejection here would be detrimental and a retest of the supporting trend line would be likely. A break of this could see the price falling over 20% to the lows of December 2018, assuming the 200WMA does not hold.

Daily chart also shows a thin EMA ribbon, which is unexpected to provide any sort of strong support for the price action post-decline.

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