S&P 500 going to breakout (up or down) soon! Possible Bearish Pennant Pattern?

Jon Markman posts this chart:

The pattern here is that the S&P 500 is consolidating into a tight wedge pattern. At the end of the wedge, there is likely a large up move or a downward move.

Some say this might be a Bearish Pennant pattern and this may be a continuation pattern. Which means that the trend down can continue.