I've attached a picture of the music sheet I am learning that has a music notation that I do not know and would like to get some help to understand what it means. The music notation is on the first measure, below the bass staff. It is a straight line but then at a certain point it has a sharp point. 

I did some research and I believe this is notation for pedaling, but correct me if I am wrong. If it is pedaling, how would I play it?

Using the first measure as an example, would I press the pedal at the first beat, then lift the pedal up on the third beat? But I don't understand how to interpret the notation after the third beat (I have boxed this portion in orange).

I also don't understand what *simile* means. I'm guessing it means to repeat for all other measures, but how do I know when to stop?

[![Music Sheet](https://i.stack.imgur.com/9Ouvh.jpg)](https://i.stack.imgur.com/9Ouvh.jpg)