The price action bounce of Saturday has met resistance at the upper border of the falling wedge. The bulls need to take out this border for the advance to continue, targeting 3049.89 initially (2 March and 26 April highs). If this move plays out as expected and the bulls uncap this barrier, 3370.68 (16 January high) becomes the next target to the north. 3651.73 (7 October 2021 high) is an additional northward barrier that comes into the picture on a break of 3370.68.
On the other hand, rejection at the wedge’s upper border immediately puts 2794.58 (1 February high and 27 April low) under pressure. If this support gives way, the wedge’s lower boundary and the ascending trendline that connects the price lows of 27 January, 1/14 March, and 30 April become the next barriers to a further downward move. If there is a price decline below these points, 2500.00 (double bottom of 8/14 March) comes into the picture. 2324.51 rounds off immediate downside harvest points for the bears. This outlook invalidates the expected upside breakout from the falling wedge.