Possible Rising Wedge on IOTAUSDT - Bearish correction in sight?

A possible rising wedge is under development on IOTAUSDT. Usually this shows signs of weakness and could be an early signal of trend reversal. If price manages to break through February's 1.500 zone the wedge could start to complete thus letting price fall to 1.250 as first support level. A divergence on the Elliott Wave Oscillator is also a sign of exhaustion.

Alternative scenario: price will stay inside the wedge and continue as an uptrend by unvalidating the formation.

For now I'll stay neutral and enter if the pattern starts to unfold.