TradingShot

S&P500 Solid long-term buy opportunity

Long
FOREXCOM:SPXUSD   US SP 500 CFD
My most recent S&P500 idea was a short-term one on the 4H time-frame, where I called for a pull-back and then rebound to 4740:


The target has been hit but the latest pandemic news were used as the catalyst for a new, deeper pull-back. I am switching back to the 1D time-frame where the index has just hit the 1D MA100 (green trend-line) again, for the first time since the December 03 low. As shown on the chart, this sequence has been spotted another 2 times before within this 12-month Channel Up:
a) Double Top on the Resistance, b) Pull-back, c) RSI Double Bottom and d) Rebound to the 2.0 Fibonacci Extension level

In our firm's perspective, once this formation is completed again, we expect another rebound. Our new long-term target is 4850.


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