Wedge formations on recent rallies in S&P500 2013-10-15

Here are two wedge formations on the S&P500 chart. One might be bullish, the other, larger one might be bearish.

It will be instructive if the price action unfolds as on the first chart and the S&P tops at a lower high, because the large red downtrend pitchfork might come into play, at least for a short while. As of the construction of this chart, the S&P was at prior support and due for a bounce!:

 

However, there is a larger pattern, a rising wedge, which would allow for another new all-time high. In the end, rising wedges are often, though not always bearish:

 

Since I did these charts, the S&P500 has had a sharp rally, because it was due for a bounce. Did it get past 1709 to stay with thin the first wedge and the red pitchfork? Well, 1711 is not conclusive yet, because 1709 was my target just by estimation. It's close, so see if it moves up or down from here. If the market continues up, it would have to top near to 1750 to stay within the larger rising wedge.