The U.S. stock market indexes gained 1.0-1.5% on Wednesday, following much lower opening of the trading session, as investors' sentiment improved after rebounding off recent local lows

We can see that stocks reversed their medium-term upward course following whole retracement of January euphoria rally. Then the market bounced off its almost year-long medium-term upward trend line, and it retraced more than 61.8% of the sell-off within a few days of trading. The uptrend reversed in the middle of March, and then stocks retraced almost all of their February – March rebound. The most likely scenario right now is still bearish one, leading us to February low or lower after breaking below medium-term upward trend line. The bullish case is a medium-term double top pattern or breakout higher. Previous week's sell-off made the bearish case much more likely, almost a certainty. Last week's Monday's rally gave bulls another chance, but Tuesday's sell-off took it away. Stocks broke below their short-term consolidation on Monday, but they rebounded on Tuesday and they retraced most of their recent losses yesterday. So, is bullish case more likely now? There have been no confirmed positive signals so far. You should take notice of a breakdown below rising wedge pattern. This over month-long trading range was an upward correction following late January – early February sell-off: