The S&P500 index (SPX) is pulling back after making a medium-term top on February 02. This isn't yet a Higher High on the Channel Up that started on the October 13 market bottom but it is a Higher High on the Diverging Higher High (light blue) that started on November 03.
Keep in mind that the October Channel Up is what helped us take the accurate buy exactly on its bottom 3 weeks ago:
With the 1D MACD making a Bearish Cross, the last time it formed one was on December 05, straight after the Dec 01 Higher High. That fractal sell initially bounced off Support Zone 1 that was formed from the last Higher Low before the top and then after breaking below the 1D MA50 (blue trend-line), it rebounded just before hitting Support Zone 2 (formed by the first Higher Low of the sequence).
On the current price action, Support Zone 1 fits perfectly above the bottom of the October Channel Up, while Support Zone 2 is at the bottom of the November Diverging Channel Up. Of course the long-term confirmation would come after the 1D MACD makes a Bullish Cross but we will attempt one tight stop buy on Support Zone 1 and the last on Support Zone 2. In both cases we are targeting the 4195 Resistance and if broken the 4325 August 15 High.