My expectations were for a broad based pullback before hitting the upper target on this broadening pattern. Obviously, for all intents and purposes, the target has already been hit - without any pullback. With the DOW lower, I expected a pullback first and possibly a end of the year pump to test. However, that would require central banks not be trapped, as they have been with gold and silver. Bonds are starting to tell a worrying story and may indicate that confidence in central bank financial stabilization programs has been breached. If that is the case, the central banks will not only be fighting tons of risk assets on their books, but also devaluing bonds. If bonds sell off and risk sells off, central banks are trapped - which is why I believe they have been talking their book recently. If central banks become trapped and this pattern can be marked as fulfilled then it will be very difficult for them to muster the strength to attempt to hit the upper trend line of the broadening wedge again...
below is a version using OHLC bars rather than line prices:
