SMALL CAPS CORRECTION OR HUGE BREAKOUT?

The perfect storm event known as the Covid pandemic has introduced many millions of new traders into the circus. The indices have performed amazingly well over the last year.. nearly parabolically so. While I do not believe the indices have formed a major top yet, a minor pivot is likely. I have been hoping for a decent correction to shake things up. I am not certain if we'll even get that. I'm looking at this pattern on the Russell 2000 (RUT, IWM, RTY1!) that is either an ascending wedge or a bull flag. Watch price action closely in this range. If it breaks below, it will likely do it very quickly and flush a lot of these new traders out. On the flip, if it breaks above... well, prepare for another move that defies gravity.

What do you think will happen? I'd prefer a flash crash type of event. Personally, I believe having an equal long/short (hedge) is not unwise aka strangle.. Let's see what happens!

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VIX is making a wedge within a larger wedge. The question is: when does it break out of this wedge?

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IS OIL about to drop farther here? I'm seeing what looks like a possible sharp correction with potential target of 55-58 zone. That could create a panic