Daily SPX - Channel broke, currently back tested...

All is on chart, just watching to see if we get a candle to close down and outside of the channel/trendline.

Simple fibs for possible targets.

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Pulled back to 50% of yesterday's drop before continuing a bit. We'll have to see how daily candles complete but so far short continues.

Hourly with pullback fib:

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Bounced to 61.8% retrace of last drop.

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Still save in the overall channel. This bull has proven strong. But being cautious.

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Approaching 2835 at 88% retrace and watching for PA. Will hedge if needed...

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We reached Fib target of 88.6% yet RSI could see it go higher but IF wave (iii) is complete then we are pulling back to form wave (iv). Now, forth waves can go outside of the hourly channel so don't let that scare you and will still be in the weekly channel shown on top. Watch for invalidation if it pulls back under ~2740 area (the point of wave (i) on weekly for larger concern.

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Done with downward move or testing the breakout for more drop?

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