What caught my attention was the formations that formed as we bounced off support. Long wicks, telling me that there is buying pressure at that level. We've seen that twice so far and are now testing for the 3rd time. If you're not a structure trader there may also be an completion at that level as well. I haven't gone down to the lower timeframes to check it out because I don't trade this index, but by simply putting it through the eye test it looks as if that on a 15min chart there was a completion that could be used as a reason for entry.
Is there the chance of seeing a massive breakout here...yes. But even a move across the channel offers a very good risk/reward.
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