Since May 4th we have been trading in an upward channel on the S&P 500. Looking at a breakout in either direction; I think we are looking at a $4,300 long target, and a $4,070 short target depending on how you like to trade. There is a lot of bearish news going on at the moment, so I believe I am leaning to the short side.
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It is bothering me that I misjudged where that pullback would be. I should've known because it looks super obvious now. Well, that's what we do, learn from our mistakes, all the time. Break out of the channel, then pull back before continuing downward. Slightly off with that. This is one of my first ideas, I am slightly nervous putting my ideas out there. But I think we'll hit that lower price target like I was assuming. I trade short term and am doing this as a way to test myself.
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Looking bullish now :) This is why I trade on very very small time frames
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Ending the market on Friday less than $3 short of the long price target of $4,300.