Clues
(1) ascending wedge in downtrend is bearish (but agreeably the next major trend is bullish)
(2) price where a large resistance line exists and a former support line is now acting as resistance
I think it would be wiser to wait and buy when price goes back down to the stronger trend support line (in black).
That said, any short position here should have a tight stop.
Bear
Here is how I envision the short trade to go if you were to take it right now.
Bull
Here is the bullish case - buying the breakout retest.
(1) ascending wedge in downtrend is bearish (but agreeably the next major trend is bullish)
(2) price where a large resistance line exists and a former support line is now acting as resistance
I think it would be wiser to wait and buy when price goes back down to the stronger trend support line (in black).
That said, any short position here should have a tight stop.
Bear
Here is how I envision the short trade to go if you were to take it right now.
Bull
Here is the bullish case - buying the breakout retest.