One could argue that the weekly chart has formed a triangle or a pendant. A book I have says a continuation (in direction of trend) triangle/pendant, may have only 4 contact points. A reversal triangle must have 5 contact points. It really didn't mention pendant for a reversal, but it still makes sense to me. Based on these guidlines it does not appear to be a continuation triangle/pendant. Therefore at the moment it looks like a reversal formation. On a breakdown out of the bottom the projected target is the width at point 2 projected from the breakout. Time will tell.

Wayne as you said gota be carefull of false breakouts of those triangles.