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pierhk

SPX grinding the channel

Long
S&P 500 Index (FX:SPX500)  
pierhk Updated   
FX:SPX500   S&P 500 Index
Trend Analysis Chart Patterns Wave Analysis
6
0
trendanalysis chartpattern waveanalysis
SPX500USD is moving in an upward channel
It's facing resistance R1 with bullish price action at mid channel line @ 2944
A break above will take it to the next resistance R2 @ 2972
And higher it moves to the channel resistance R3 around the 3000 level which is a huge level.
This setup offers a 1 to 3 risk:Reward (r:R) with a stop loss (SL) below 2897 ( weekly low)
Comment:
As we hit some resistance in here, it will be a good time to take some profit
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