Another S&P 500 channel
So here is another channel. The July peak made an extension of this channel, and the price didn't arrive to that extended part neither at the top nor at the bottom since then. Even if the price will arrive to that extended part at the top of the channel, it won't reach 6000 before the elections unless it makes a breakout in the upward direction thus making a new extension. Maybe it will reach 6000 after the elections. But I think that a more likely scenario is the price hitting the bottom of the channel first.
Also I suggest that the price will go on a small correction now to 5650 support area, hit the trendline and make a new wave to 5800. And then we might see a good correction. If it won't go that way, perhaps this channel will be helpful in your analysis.
Also I suggest that the price will go on a small correction now to 5650 support area, hit the trendline and make a new wave to 5800. And then we might see a good correction. If it won't go that way, perhaps this channel will be helpful in your analysis.
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The price has reached the top of the channel. I expect to see the reversal from this area. A fake 60 bp breakout above the upper border is acceptable. Considering that some consolidation should take place the price should turn down somewhere below 6100.Note
I've just came up with a better idea
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.