Long

S&P500 Steady Channel Up to 6100

The S&P500 index (SPX) has been trading within a Channel Up pattern from the moment (April 22) it broke above the 4H MA50 (blue trend-line). For that 1 month period, it has held the 4H MA50 and that maintains the bullish trend, generating Bullish Legs to High after High.

The last two Bullish Legs have increased by +4.92%, so as long as the 4H MA50 holds, we expect the current Leg to be completed at 6100.

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