S&P 500 - Could An Ascending Wedge Pattern Playing Out?

The S&P 500 chart seems to be plotting out a multi year (2018-2019) ascending wedge pattern.
At the moment the technical pattern cannot be viewed as either bearish or bullish whilst it grinds out the formation.
A sustained break-out above the 3050 level could see NEW HIGHS to 3450 (1.618 Fibonacci Extension) which would
imply +13% upside. Conversely a sustained break below 2881, could imply downside to 2450 level.

An interesting observation to note, when looking at a momentum indicator, in this case, the 21 week Relative Strength Index (RSI).
The RSI has plotted 3 lower highs whilst the S&P 500 achieved 3 higher highs over the 2018-2019 period, which implies sustained or
increasing buying momentum is not matching the new weekly highs on the price chart over the same time period.

Be Careful Out There!