S&P 500 - target reached, now what?

After the buy signal 3 weeks ago, the target area 1 375 - 1 400 for S&P 500 has now been reached. At this point, there's reason to be cautious. As illustrated on the chart below, a rising wedge could be in the making, and if this pattern breaks to the downside, things could get pretty nasty.  S&P 500 needs to hold the rising trendline, currently at around 1 340, which also corresponds to the 50-day moving average. I'm bull above 1 340 and bear below 1 340.