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Weekly MACD
Most important development 4 week before that MACD line upward intersection of Average line and it is confirmation of rally. Weekly MACD cross over gives confirmation to long trend therefore strong confirmation to up trend 4 weeks before. Both lines started to move up near equilibrium line and MACD line has moved it above therefore it is strong indication of rally.
Short term correction is confirm but Long term trend is up and rally hope is still alive after correction completion due to above mentioned MACD upward cross over.
Continuation pattern Pennant Formation
Long term trend is up and and Weekly chart is showing Pennant pattern formation in its corrective move which is continuation pattern. It means continuation of on going trend because it is not a trend reversal pattern but trend continuation pattern. As on going trend is Bullish therefore its continuation expected after Pennant falling trend line upward intersection.
Short term correction is confirm but Long term trend is up and rally hope is still alive after correction completion and expected that on going corrective movements will be between both lines of Pennant pattern(Falling Trend Line and Rising Support Line).