S&P500 Channel Up buy opportunity.

The S&P500 index (SPX) has been trading within a Channel Up and is now on a count (5) pull-back, breaking below its 4H MA50 (blue trend-line). As long as the 4H MA100 (green trend-line) holds, we expect the index to resume the uptrend, similar to the previous Bullish Leg of the Channel Up.

That Leg almost reached the 1.5 Fibonacci extension and made a Higher High. Our Target is marginally below the new 1.5 Fib ext at 6130.

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