Depending on how this pattern breaks will determine which position to take. Because of the history along the top resistance line and the upward trendline, once price action comes free of the pattern short and long position holders will need to decide what to do with their losing position. Be patient and wait for the right signal. The short term bias is up and the mid-term bias is down. Price is reaching a deciding point quick.
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This setup would make for a nice quick margin trade setup. One other item to mention is that RSI is showing divergence from price which can be a bearish signal.