Is the Nasdaq preparing to correct?

The strong rebound we have seen in US stocks since their late-December lows, and particularly since Fed chair Powell's dovish January 4 speech, could be ripe for a correction. 

The Nasdaq 100 index seems to be taking a breather around the 7,000 level, and is testing the 200-day simple moving average. It has formed what looks like a rising wedge pattern and possibly a double top. A close below 6,836 will confirm the double top with a target around 6,600. That would also be a bearish breakout of the wedge. 

The Relative Strength Index is bullish with no divergence, indicating we could see another push higher in an effort to test resistance at 7,107. A close above that area could fuel a rally, forcing bears to close short positions.