SP500 (Y20.P2.E3).Inverted Barr formation

Hi all,

Looking at the overview of the whole of the SP500, I can see why it was due for a correction.
The following charts try to demonstrate this explanation.

I do see price trying to return to the main channel but it will take some time, as many experts state.

For the immediate term, I see the price action to threaten to pass the lead in trend line.
It was rejected at its first attempt, it has the potential to be rejected again but 3rd time I would suspect it will pass.
Once it passes this line, I do expect it to be retested as support.

If you look at my previous post, it now is invalidated based on this new information.

4 HRLY chart

12 HRLY chart

Daily chart

PREVIOUS POST

Comment:

Markets opened today. It touched the trend line and it will be interesting how it pans out.

Comment:

The next 12 H to the Daily, Upward pressure is there so I see it keep going up.
On the weekly, the momentum is going down. So after 2 days, lets re-access.

Comment:

Still tracking well, I still upward pressure for next 2 day for now even at the smaller time frames. This is bullish

Trade closed: stop reached:

target reached, pullback hit the slope i expected. So far good. I would like to think this sloping trendline holds. I will have to check the charts (indicators) and come up with another update.