S&P500 Huge rebound on former 2year ChannelUp! New Highs coming!
The S&P500 index (SPX) reached and held last week the top (Higher Highs trend-line) of the former 2-year Channel Up pattern that was the vessel of market recovery from the 2022 inflation crisis.
The results of holding this line have been immediate as this week is so far deep into green and is about to recover all losses sustained from the previous 1W candle. At the same time it is a Higher Low on the (dashed) 9-month Channel Up. Those two developments open the way for a new mega-bullish pattern that has the Support of its former one.
As long as the 1D MA100 (red trend-line) remains intact, we still look towards a new Higher High, targeting 6200, which may be a modest Target since it is quite below the +28.56% mark, which is the rise that the previous Bullish Leg had. So far all major long-term rallies since the October 2022 bottom have been around +30%.
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The results of holding this line have been immediate as this week is so far deep into green and is about to recover all losses sustained from the previous 1W candle. At the same time it is a Higher Low on the (dashed) 9-month Channel Up. Those two developments open the way for a new mega-bullish pattern that has the Support of its former one.
As long as the 1D MA100 (red trend-line) remains intact, we still look towards a new Higher High, targeting 6200, which may be a modest Target since it is quite below the +28.56% mark, which is the rise that the previous Bullish Leg had. So far all major long-term rallies since the October 2022 bottom have been around +30%.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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