Long

S&P500 If it holds this level, it can rise up to 6050.

The S&P500 index (SPX) had a strong short-term pull-back yesterday, which is so far contained within the tight levels of a Channel Up pattern. The price is right at the bottom of it and if it holds, we can expect a strong rally continuation for the next 2 weeks, going into the U.S. elections.

This sequence is so far similar to the previous Channel Up patterns that emerged after the price broke above the 4H MA50 (blue trend-line). Once broken, it held right until their tops, which were after a +6.50% rise.

This is why, if this holds once more, we expect to see 6050 (+6.50% from the bottom) by the end of the month.

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