SPX Holding the Channel & Bouncing from Big Daily Support level

FX:SPX500   S&P 500 Index
438 7 5
Strong Buying in Equities has created a bullish engulfing candle on 1H

Still a few hours left on 4H, but possibly same pattern

Price is bouncing from Key Daily support (Aug Daily Close 1837). Still trading in an up channel , and has not breached the channel to the downside as of yet. The Elliott Wave sub structure has been unfolding as a triple corrective, and therefore the same can be expected on the 1H chart.

Don't have exact targets for this one, will see how it reacts near the top of the channel. Stops below the spike low and beneath the channel.

Some of the Yen pairs are also starting to show signs of bottoming after a strong sell off, which supports this trade with recent strong correlations.
This is the Daily Chart showing the level we are bouncing from. As well, a close above 1903 would create a bullish daily candle
+1 Reply
jhakas JigneshDavda
I have complete breakdown from monthly to 1hr.. and in 1hr chart it has double bottom.. and spx500 again tested those figures and jumpe again.. so to me if 1870 remains then 1st target is 2000.
I'm uncertain about the targets at this point. I will attempt to do some further analysis on smaller TF's if the trade progresses as illustrated. I'll be watching the top of the channel as well from the monthly charts it looks like 1968 is going to be an important area to take out to remain bullish.
jhakas JigneshDavda
check this

Here is my spx500 setup from yesterday.. it created tripple bottom..

I think a lot of traders were looking at that area. There was strong 4H support at 1908, as well as an inverted Head and Shoulders, which ultimately failed and may have held back the bulls from getting back in. I still see the structure has a triple corrective and will remain bullish looking for a higher high.
jhakas JigneshDavda
It was a very good chance for sellers to crack 1870.. but they couldnt and spx500 returned back up.. so i think dip down is over and upside is open..
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