Bearish pattern in S&P 500

The S&P 500 has been forming a bearish Ascending Wedge pattern and it has broken to the downside. Possible support levels could be 1025 and 980. A correction could be healthy for the markets, as many critics have been crying that the market is overvalued.

A correction down to 1025 along with some consolidation should give the fundamentals time to catch up to the technicals.